Gold prices stabilize on Wednesday morning as the dollar retreated from its six-week highs. Gold was trading at 1278.64, up 0.07% as of 8:00 GMT.
Gold prices stabilize on Wednesday morning as the dollar retreated from its six-week highs. Gold was trading at 1278.64, up 0.07% as of 8:00 GMT.
Investors await important economic data and a speech from Fed chair Yellen later in the week. Yellen will convey the message in the 21st Century Conference today as news pops up regarding her position as Fed chair.
Reports reveal that Fed Governor Jerome Powell and former Fed governor Kevin Warsh are on a shortlist of candidates to succeed Janet Yellen.
Technical View
Gold prices moved lower yesterday to $1270 but couldn’t break the previous low candle which is likely to bounce back reacting with 100-day moving average and additional support. A break below $1270 will push the additional support level to $1250.
Gold Daily Chart
Retracement can be expected at $1283. A break and close above the daily candle could lead towards $1300 level.
