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Gold under pressure after Yellen speech

FXStreet (Mumbai) - Gold prices are trading moderately weak in early Europe after Fed chief Yellen reiterated that rates could be hiked in 2015.

Trades at one-month high

The metal at USD 1147/Oz levels, is still trading at a one month high as investors ran towards the safety amid risk aversion in the financial markets across the globe and dropping Fed rate hike bets. The metal clocked a high of USD 1155.90/Oz levels on Thursday before paring gains om Yellen speech.

However, Yellen’s comments have not had a major impact on the two-year treasury yield or CME Fed watch data. Consequently, the metal managed to hold well ahead of the US Q2 GDP report due for release later today.

Gold Technical Levels

The immediate resistance is located at 1150.00, above which the prices could test 1155.90 (previous day’s high) levels. On the other side, support is seen at 1132.90 (Nov 2014 low) and 1118 (50-DMA).

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