Gold Price Trying To Consolidate

New York (Nov 17)  Gold appears to have absorbed the recent rise in short-term rates and remains supported at the $1,220 level, awaiting a fresh catalyst to generate the next leg. Continue to watch the U.S. 10-year yield for signs of weakness, which may prove a buy trigger for gold. Fed Chair Janet Yellen will speak to Congress and the markets will closely analyze her comments against the recent Trump victory and his “stated” fiscal objectives. The dollar has stabilized, which has helped the metals trade closer to the top of their weekly range. From a technical perspective, support lies at $1,220, with $1,237 the resistance band.

Source: KitcoNews