Gold prices traded above $1300 on Monday but dropped back to trade around $1290 as the dollar firmed and the safe-haven assets demand eased. Gold is
Gold prices traded above $1300 on Monday but dropped back to trade around $1290 as the dollar firmed and the safe-haven assets demand eased. Gold is trading at $1292.5, down -0.81% as of 8:30 GMT.
On Sunday, Fed chair Janet Yellen confirmed the Federal Reserve’s commitment to raising rates. Yellen added “The U.S economy remains strong and the strength of the labor market calls for continued gradual increases in interest rates”
Technical view
Gold prices have formed the “Ascending broadening Wedge”. Currently, prices are nearby the support area. The $1290 level is a crucial area that might decide gold’s next trend.
Gold 4H Chart
A break below could change the momentum and would turn from positive to negative. Alternatively, if it does not break, gold will return towards $1300-1305 and might push higher.
