Gold eased after rising more than 1 percent in the last session hitting more than one-week high. In his testimony, Fed Chair Powell focused on weak global growth, threats to the US economy and trade disputes. All together supported gold to make new highs and increased the expectations on heavier Fed fund rate cuts at the end of July. Gold is trading above the 50 MA on a four-hourly chart with the RSI moving along the overbought bound. Inflation data cooled the bulls providing a more optimistic economic outlook. Strong support is found at the 1400 level. Any break below could lead towards 1380 level.