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Gold prices were immediately affected by the Fed Chair Yellen speech. Pair broke the major resistance level at $1200 and made intraday high at $1214 marks.
- Intraday bias in Gold remains bullish for the moment.
- On the top side, key resistance levels are seen at $1218, $1225 and $1232 levels.
- Alternatively, a daily close below $1182 marks will turn bias bearish again.
- Fed chair Yellen will also have her second day of testimony to Congress later today.
- Moreover, falling Oil prices and worsening global oil supply glut are also responsible for the positive gold prices.
- Futures for WTI dropped 1.42% to trade at $27.06 per barrel, while Brent futures slipped 0.39% to $30.72 per barrel.
- Initial support levels are seen at $1200, $1192 and $1182.
- On the top side resistance levels are seen at $1214, $1218, $1225, $1132 and $1238.
We maintain our bullish trend for Gold. We prefer to take long position in XAU/USD around $1205, Stop loss $1182 and target $1238.
