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Gold crawls back closer to multi-week tops, around $1296 level

   •  Renewed geopolitical risks provide a minor boost.
   •  Weaker USD/US bond yields lending additional support.
   •  US GDP revision and Yellen’s testimony could provide fresh impetus.

After yesterday's volatile session, gold regained some positive traction and is currently placed near session tops around $1296 area.

Although the market reaction to North Korea's latest ballistic missile test turned out to be muted, it did provide a minor boost to the precious metal's safe-haven appeal. 

Adding to this, renewed US Dollar weakness, despite a progress on the long-awaited tax reforms bills and data showing US consumer confidence surged to a near 17-year high in November, was seen lending support to dollar-denominated commodities - like gold.

Moreover, the prevalent negative tone around the US Treasury bond yields, following the Fed Chair Designate Jerome Powell's confirmation hearing, remained supportive of the bid tone surrounding the non-yielding yellow metal. 

The up-move, however, seemed lacking any strong as investors preferred to wait for a decisive break through the $1300 handle before positioning for any additional near-term up-move.

Later during the NA session, the first revision of the US Q3 GDP figures and the outgoing Fed Chair Janet Yellen's testimony would now be looked upon for some fresh directional impetus.

Technical levels to watch

A sustained move beyond $1300 level is likely to accelerate the up-move towards October monthly highs resistance near $1306 level en-route the $1310-12 supply zone.

On the flip side, $1293-92 area now becomes an immediate support to defend, which if broken could accelerate the slide towards 100-day SMA support near the $1285 region.

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