After the disappointing US inflation data, Gold prices climbed on Monday as investors reanalyse whether the Federal Reserve will increase interest rates
After the disappointing US inflation data, Gold prices climbed on Monday as investors reanalyse whether the Federal Reserve will increase interest rates at least once more this year as per the plan.
Gold is trading slightly higher on Tuesday morning at $1234.75.
Technical Outlook
Gold prices broke above the resistance line at $1220 which indicates a bullish trend. Next target is expected at $1240-$1253 levels.
Gold 4H Chart
The support is currently at $1220. A break below this point, and the momentum will be bearish again, the next target will be at $1204 which is the lowest price of the previous week.
