Gold prices dipped lower on Monday and remained unchanged on Tuesday morning. The dollar moved higher at the beginning of the week after the U.S. Senate
Gold prices dipped lower on Monday and remained unchanged on Tuesday morning. The dollar moved higher at the beginning of the week after the U.S. Senate approved the tax bill that is focused on the U.S. tax system and might increase economic growth. Gold is trading at $1277, -0.03%.
The Senate and the House of Representatives is expected to discuss this week to reconcile their respective bills.
The Federal Reserve entered its usual shut down ahead of the Dec. 12-13 meeting. Markets’ expectations that the central bank will raise rates for the third time this year.
Technical view
Gold last trading session has been neutral as prices remain in consolidation and retest the “Ascending broadening wedge’ support line.
Gold 4H Chart
Gold is trading between the support and resistance levels and it might be a good strategy to buy on lows and sell on highs with a tight stop loss. Resistance holds at $1284 and Support at $1274.
