Gold prices dipped lower after reached an eleventh-month high on Tuesday. Reports on private job creation and economic growth raised expectations of a
Gold prices dipped lower after reached an eleventh-month high on Tuesday. Reports on private job creation and economic growth raised expectations of a rate hike later this year. In addition, North Korea tension eased in the last 24 hours.
The demand for Gold fell in response to Trump’s reaction to North Korea’s missile launch over Japan on Monday while optimistic US economic data raised expectations of monetary policy tightening.
Gold prices hit the resistance line at $1330 which is a profit booking area. Prices retraced towards $1305 and the next upside target would be towards $1340-1362.
Gold 4H Chart
Gold 4H chart has formed the “Ascending broadening wedge“ and continue to rally further on the same direction according to the pattern. An additional support holds at $1300.
