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Gold supported above $ 1220

The gold trades +0.08% at 1227.70, attempting recovery towards $ 1230. The yellow metal is seen making minor recovery attempts in the Asian trades this Thursday as the Asian stocks continue to wobble, while the upside seems capped on the back of a minor upward correction seen in the US dollar against its major peers after three back-to-back sessions of losses.

The bullion fell sharply in the previous session after it hit the major resistance near 1245 levels, while a rally in the global equities along with a better-than expected US ADP print also collaborated to the downbeat sentiment around gold.

Focus Friday’s U.S Data.
The traders now eagerly await Friday’s payrolls data amid a number of Fed speaks for next direction on the prices. Whilst for today, the US calendar offers the weekly jobless claims and Chicago PMI, which may keep the gold markets busy.

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