Gold benefits from fears over the global economic performance and equity weakness

Bullion is trading in the green zone, as investors prefer safe-haven assets instead of investing their money into riskier stocks due to renewing global growth fears. Demand for gold is usually rising in times of political and economic uncertainty as the metal is seen as a safe haven.

Traders are worried over the slowdown in China's economy, the world's second-biggest and also one of the world's top gold consumers. The latest data over this week showed a disappointing Chinese manufacturing figure for December, and a 17-month low for the country's services sector.

The greenback's direction could be changed over the week as traders are focused on the NFP employment report for December.

Major support and resistance levels are as follows:

Support 1: $1092

Support 2: $1087

Support 3: $1082

Current Rate - $1099

Resistance 1- $1102

Resistance 2- $1107

Resistance 3- $1112

We prefer to take range bound market movement depending up on the support and resistance levels.