Gold prices continued their bullish ascent as price briefly rallied to a four-month high of 1324.19 before easing back. The gains come as investors continue to assess the impact from the trade tensions. The recent dovish comments from the Fed chair also helped to push gold prices higher.
Can gold continue to trend higher?
The current gains are showing signs of exhaustion as gold prices formed a doji close before declining. However, prices remain supported above the 1320 handle. This could mean that any dips in price will test the 1320 price level for support. If the support fails, gold could potentially see further declines in the near term. The next lower support is seen at 1290.
