Gold Turns Bearish, Falls Below 1500
Arslan Butt • 1 min read
Early on Friday, gold prices are trading bearish after slipping below the key support level at $1,500. At the time of writing, GOLD is trading at a little above $1,494.
Ahead of Fed Chairman Jerome Powell’s speech at the Jackson Hole symposium later today, gold traders remain cautious as they look out for any clues on future rate cuts and easing. The precious metal turned bearish after the release of the FOMC meeting minutes on Wednesday and comments from two Fed officials on Thursday who remarked that the US economy does not need additional stimulus at present.
Gold traders are also waiting for the G7 summit due to take place over this weekend for additional clues on the market sentiment and global economic growth. Meanwhile, China has eased some of its restrictions on importing gold which had been in place since May. This could boost demand for the precious metal in the coming weeks and keep gold prices supported.