FxWirePro: Gold back above $1220, Fed Chair Yellen speech in focus

• XAU/USD is currently trading around $1220 mark.
   
• It made intraday high at $1222 and low at $1219 levels.
   
• Intraday bias remains neutral till the time pair holds keys resistance at $1222 marks.
   
• A daily close above $1222 is necessary to turn the bias bullish.
   
• On the top side, key resistances are seen around $1228, $1232 and $1247 levels.
   
• Alternatively, a sustained break below $1208 will drag the parity down towards key support levels at $1202, $1195 and $1190 marks.
   
• Later today, Yellen's remarks to the Economic Club of New York at mid-day on Tuesday represent the next key target for the gold.

We prefer to take long position in XAU/USD around $1215, stop loss $1207 and target $1222/ $1232 marks.