Gold settles lower amid hawkish comments from Fed speakers
Gold edged slightly lower on Thursday after comments from Fed officials continue to lift expectations of a rate hike in June or July.
Gold futures fell $2.10, or 0.2%, to settle at $1,209.80 an ounce on Comex, after hitting a high of $1,217/oz.
Gold bulls took a step back after Dallas Federal Reserve Bank President Robert Kaplan said Thursday that US economy is getting to the point where it makes sense to hike in either June or July.
Gold technical view
“Having remained within Wednesday's range, the daily chart for spot maintains a bearish tone, as the price is well below its 20 and 100 SMAs, whilst the technical indicators extended their declines within negative territory and are currently near oversold levels,” said Valeria Bednarik, chief analyst at FXStreet. “Shorter term, the commodity presents a neutral stance, as in the 4 hours chart, the price is hovering around a horizontal 20 SMA, whilst the technical indicators are flat around their mid-lines.”
Support levels: 1,208.30 1,199.50 1,190.90. Resistance levels: 1,223.50 1,232.10 1,241.70.