Gold prices edged higher after Federal Reserve Governor Lael Brainard kindled doubts about a rate hike later this year. Brainard has mentioned that
Gold prices edged higher after Federal Reserve Governor Lael Brainard kindled doubts about a rate hike later this year. Brainard has mentioned that further rate hikes could suppress US economic growth.
Investors will focus on Fed chair’s Janet Yellen testimony today at 14:00 GMT on the state of the U.S. economy and the Fed’s monetary policy stance.
Technical Outlook
Gold prices rebounded from session lows which indicate short covering or profit taking.
Gold Daily Chart
The daily chart has formed a “Falling wedge pattern”. In this pattern, a break above the resistance of $1227 will signal a bullish trend. Otherwise, gold prices are still in a negative trend.
Gold remains in a bearish sentiment and forecasted to reach $1184-$1195 levels once it breaks below $1204.
