FXStreet (Mumbai) - A dismal US advance retail sales report saw broad based USD weakness push gold back to its daily high of USD 1177/Oz levels ahead of the US opening bell. Gold supported by drop in Fed rate hike bets The drop in the Fed rate hike bets, represented by the two-year treasury yields bodes well for the yellow metal. Moreover, rate hike bets have been on a steady drop since the Sep 17 Fed meeting. A horrible September month non-farm payrolls report pushed rate hike bets out to March 2016. After the retail sales figure, the rate hike bets may have been pushed further out in 2016. Ahead in the day, gold could extend gains in case the Wall Street reads drop in rate hike bets as a negative sign and turns risk averse. Gold Technical Levels The metal now trades around USD 1174/Oz. The immediate resistance is located at 1176 (daily high), above which the prices could test 1200 levels. A break higher would expose 1232.27 (May 18 high). On the downside, a break below 1152.24 (hourly 50-MA) would expose 1141.38 (100-DMA) and 1132.90 (Nov 2014 low). For more information, read our latest forex news.