Fed Chairwoman Janet Yellen will testify before Congress today at 1400 GMT. ADS Securities’ analysts present 13 July Yellen testimony Gold price analysis.
13 July, ADS Securities – The precious metal continued to trade higher for the third successive session in the last session and closed at $1219.10, after making a high at $1225.20, amidst a weaker greenback.
13 July Yellen testimony Gold price analysis
As of now, the yellow metal is trading in an upward trending channel on the 1H chart, reflecting at the bullishness in the coming session. Moreover, the MACD indicator has witnessed a signal line crossover from below, further affirming the above stance.
The key technical barrier is positioned at the $1225 level, followed by the $1228 and $1232 levels. A break and stability above the latter might lead to further acceleration to the upside. On the negative side, key support is aligned at the $1221 level, followed by the $1218 where EMA 55 is trading and $1215 levels. A move back below the later might trigger bearishness.
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