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Gold outlook – Eyes US GDP and Yellen speech

FX:XAUUSD   Gold Spot / U.S. Dollar
Resistance - $1223, $1230, $1245

Support – $1216, $1211.48, $1200

  • Yellow metal declined till $1211.52 in Asia before making a move back above daily 50-MA level of $1216 amid oversold RSI on daily time frame.
  • The hourly chart also shows a bullish price RSI divergence.
  • Consequently, a break above daily high of $1223 would open doors for a rise to $1230 levels. Further gains could run into supply around $1240-45 levels.
  • On the lower side, a break below daily 50-MA would expose Asian session low of $1211.48 levels.
  • An upward revision of the US Q1 GDP coupled with hawkish comments from Fed’s Yellen could easily push June rate hike bets above 50.00. In such a case, Gold             could challenge demand around $1200 levels.
all right, thanks
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do you think the odds for your bottom line are good?
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Yea I think so. If June is on their mind, then this is Yellen's last opportunity to talk up rate hike bets
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