FxWirePro: Gold Daily Outlook

• Gold declined almost $10 from the high of $1215 made yesterday on account of slight strength in US dollar and global equities. The yellow metal dipped till $1204.85 and is currently trading around $1211.
   
• Market awaits Fed chairman testimony on US central bank’s semiannual report on monetary policy and the economy. Jannet Yellen expected to testify based on Fed FOMC  minutes that it may reduce the bond holdings and mortgage backed securities by Aug.
   
• Gold’s near term support is around $1207 (50% retracement of $1122.75 and $1296.30) and break below will drag the commodity down till $1200/$1195. The yellow metal should break below $1180 for major trend reversal.
   
• On the higher side, in the daily chart minor resistance is around $1220 (5 day MA) and any break above will take the commodity till $1230 (daily Tenkan-Sen)/$1241 (38.2%  retracement of $1296.20 and $1122.30)/$1250.

It is good to sell on rallies around $1220-$1222 with SL around $1233 for the TP of $1200/$1196.