Gold broke below its major support level at $1,238 today in reaction to the Federal Reserve Chairman Jerome Powell’s testimony to the Senate Banking Committee.

U.S dollar weakness has not helped gold close in the positive today. Traders took the dollar index lower today, resulting in a net decline of just over a quarter percent.

Even with the U.S. dollar trading off of the highs achieved today, and posting a daily decline, gold was unable to sustain any price gains.