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.
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Technical Outlook
Gold prices rebounded from session lows which indicate short covering or profit taking.
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.