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Gold prices remained mildly supported on Tuesday, as sentiment on the greenback was vulnerable ahead of Federal Reserve Chairman Jerome Powell’s first congressional testimony scheduled later in the week.
Gold futures were up 0.13% at $1,334.6 a troy ounce by 02:00 a.m. ET (06:00 GMT).
Traders became more cautious as Powell was set to testify on the central bank’s semi-annual report on monetary policy and the economy on Tuesday before the U.S. House of Representatives’ Financial Services Committee.
The U.S. dollar index, which measures the greenback’s strength against a trade-weighted basket of six major currencies, was steady at 89.71.
Gold is sensitive to moves in the dollar. A weak dollar will make gold less expensive for holders of foreign currency.
Expectations that there could be an additional rate hike helped push the 10-year yield closer to the 3% mark last week, though that yield has pulled back in recent days.
An ease in yields came after the Fed’s semiannual monetary policy report, released Friday, signaling an overall upbeat view on the U.S. economy, and discussed a pickup in inflation toward the end of 2017, but offered few fresh hints regarding more aggressive policy action.
Meanwhile, market participants awaited US Federal Reserve Chair Jerome Powell’s first congressional testimony for clues on the further pace of monetary tightening.
On the technical charts, Gold is trading in the positive zone above all the moving averages (9 day, 20 day, 50 day, 100 day, and 200 day). The RSI is at 50.01 and the MACD is below the signal line.
Buy digital Call options between 1332 and 1339, valid until 23:00 GMT February 27th 2018