Gold prices are ticking higher after Fed Chief Jerome Powell said smaller rate hikes were likely.
In fact, he said the central bank could scale back the pace of hikes this month. “The market focused exclusively on Powell’s clear signal that rate hikes will slow to 50 bps in December which has the precious metals complex rally,” said Tai Wong, a senior trader at Heraeus Precious Metals, as quoted by CNBC.

With that, gold prices are up another $12.21 at the moment to $1,785.68. If it can maintain this momentum on the latest Fed news, investors may want to keep an eye on oversold gold stocks, such as Barrick Gold (GOLD). Barrick Gold last traded at $16.32. From here, if GOLD can break above $16.42, it could potentially revisit $18 shortly after.

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