Gold prices held steady below a two-year high in European trade on Wednesday, as investors looked ahead to key U.S. data later in the session to gauge the health of the world's largest economy and whether it is strong enough to warrant an interest rate hike later this year. Prices of the yellow metal have been well supported in recent sessions amid waning expectations that the Federal Reserve will raise interest rates anytime soon after data showed the U.S. economy grew much slower than expected in the second quarter. For the year, the precious metal is up nearly 28%, boosted by concerns over global growth and expectations of monetary stimulus.
On technical chart, Short term trend of Gold is Bullish on chart. It is sustaining above 50 SMA & 200 SMA on it's Daily Charts. It is also sustaining above Ichimoku Clouds in 4-Hourly & Daily charts. Now it can test the next Resistance of 1395. On Lower side it is having good Support of significant level of 1355.
On technical chart, Short term trend of Gold is Bullish on chart. It is sustaining above 50 SMA & 200 SMA on it's Daily Charts. It is also sustaining above Ichimoku Clouds in 4-Hourly & Daily charts. Now it can test the next Resistance of 1395. On Lower side it is having good Support of significant level of 1355.