Gold (GLD) Lower Following Fed Comments

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Gold, which has been very sensitivity to potential actions by the U.S. Fed, is trading lower immediately following Congressional testimony by the Fed's Ben Bernanke. While he struck a more negative tone regarding the economy, so far Bernanke provided no clues as to whether the central bank would launch QE3.

Gold reacted by trading lower. The spot price was rejected at $1600 and is now heading back lower toward $1550, currently $1580. Despite the move lower, GLD and spot gold remain stuck in a range, with $1550-1530 providing support on the downside and $1630 providing resistance.

SPDR Gold Trust ETF (NYSE: GLD) is lower by 0.4 percent in intraday trading on Tuesday.

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