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Gold eases-off monthly highs on Yellen, near $ 1150

FXStreet (Mumbai) - The yellow metal retreated from fresh monthly highs in the Asian trades following Fed Chair Yellen’s hawkish remarks, which provided the much-need impetus to the UD dollar.

USD GDP in focus

Currently, gold trades -0.28% at 1150.60, recovering from a dip to 1148.80 lows struck at Tokyo open. Gold price eased slightly from multi-week highs, although traded in the upper-band of yesterday’s trading range, after the Fed Yellen kept its stance of a rate-hike later this year intact.

However, lack lustre performance of the Asian equities amid a data-thin Asian calendar, keeps the losses in the bullion restricted.

Meanwhile, the US dollar reversed previous losses and rallies in early Asia supported by Yellen’s comment. The USD index tracking the currency's performance against a basket of major peers was up 0.34% at 96.43.

Looking ahead, bigger USD moves in the markets can be expected later today as the US is due to release third estimate of the US Q2 GDP which may have major impact on the yellow metal.

Gold Technical Levels

The metal has an immediate resistance at 1155.90 (Sept 24 High) and 1160 levels. Meanwhile, support stands at 1147.50 (Aug 24 Low) below which doors could open for 1140 levels.

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