Gold on Wednesday 13th July 2017, Gold prices up by (17) pts closed at 27851 trading range between 27802 - 27977 and August Comex Gold futures settled at $1219.10 division of the New York Mercantile Exchange. Gold rose on Wednesday, after Federal Reserve chair Janet Yellen’s testimony to congress revealed that the central bank believes it would not have to lift rates all that much to reach the neutral fed funds rate, pointing to a slower pace of future rate hikes.

Technical Outlook

Gold prices reached higher slope resistance place but were unable to break above the line which reflects consolidation mode. We should treat this occasion as a selling opportunity as on every occasion the market reaches lower and low once it touches the resistance line.

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