• Gold prices edged lower on Tuesday, failing to break a key resistance but hovered near a two-week high hit in the previous session on prospects of a less-hawkish Federal Reserve policy.
• The Fed is likely to wait at least until June policy meeting to decide whether to lift U.S. interest rates again, Chicago Fed President Charles Evans said on Monday.
• Spot gold <XAU=> was down 0.4 percent at $1,228.61 per ounce, as of 0556 GMT. In the previous session, it touched its strongest since March 6 at $1,235.50.
• "What we are seeing is a bit of washout in short-term positioning as gold is unable to surpass the strong resistance at $1,237," said Jeffrey Halley, senior market analyst at OANDA.
"But, there is no other way than looking bullish at gold for the moment. There are extended positions in dollar. We are going to see this dollar correction running for a while, which will support gold."
• Spot gold is expected to drop to $1,221 per ounce, following its failure to break a resistance at $1,237,Reuters technical analyst Wang Tao said
• "It looks like some weak longs stopped out this morning, but expect to see good buying between $1,215-$1,225 area," a Hong Kong-based precious metals trader said.
Reference: Nasdaq
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