Gold prices fell in Asian trading on Wednesday, as investors sold for profits after the yellow metal posted strong gains on dovish comments from U.S. Federal Reserve Chairman Ben Bernanke.
On the Comex division of the New York Mercantile Exchange, gold futures for June delivery traded down 0.23% at USD1,683.85 a troy ounce.
Gold futures were likely to test support at USD1657.65 a troy ounce, Monday's low, and resistance at USD1,699.55, Tuesday's high.
Gold spiked on recent comments from U.S. Federal Reserve Chairman Ben Bernanke, who said the U.S. labor market will need to see more demand to improve, and special easing tools may be the catalyst for such policy.
"Further significant improvements in the unemployment rate will likely require a more-rapid expansion of production and demand from consumers and businesses, a process that can be supported by continued accommodative policies," Bernanke told the National Association for Business Economics Annual Conference, Washington, D.C. in the U.S. earlier this week.
On the Comex division of the New York Mercantile Exchange, gold futures for June delivery traded down 0.23% at USD1,683.85 a troy ounce.
Gold futures were likely to test support at USD1657.65 a troy ounce, Monday's low, and resistance at USD1,699.55, Tuesday's high.
Gold spiked on recent comments from U.S. Federal Reserve Chairman Ben Bernanke, who said the U.S. labor market will need to see more demand to improve, and special easing tools may be the catalyst for such policy.
"Further significant improvements in the unemployment rate will likely require a more-rapid expansion of production and demand from consumers and businesses, a process that can be supported by continued accommodative policies," Bernanke told the National Association for Business Economics Annual Conference, Washington, D.C. in the U.S. earlier this week.
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