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MTECHTIPS:-Gold falls slightly from 8-month high, ahead of Yellen’s testimony
Gold fell slightly from eight-month highs from the previous session, in spite of a broadly stronger dollar, as investors traded cautiously on Tuesday ahead of a highly-anticipated appearance by Federal Reserve chair Janet Yellen. On the Comex division of the New York Mercantile Exchange, gold for April delivery traded in a broad range between $1,186.10 and $1,199.30 an ounce, before settling at $1,197.20, down 0.70 or 0.06%. It came one session after gold surged by more than 3% at session highs to reach its highest level since mid-June. Despite the slight losses, the precious metal is still up by nearly 7% over the last week and by more than 12% since early-December when they fell to a six-year low. Gold likely gained support at $1,046.20, the low from December 3 and was met with resistance at $1,222.60, the high from May 18. For the most part, investors were reluctant to make any major trades before Yellen’s semi-annual testimony on Wednesday in front of the U.S. House of Representative’s Financial Services Committee. Yellen will make her first public appearance in 55 days and her first since the Fed kick started its first tightening cycle in nearly a decade with its historic decision in December to abandon a seven-year zero interest rate policy. Last month, as expected, the Federal Open Market Committee (FOMC) voted unanimously to leave its benchmark Federal Funds Rate at its current rate between 0.25 and 0.50%.
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