Breaking $1197.10 could trigger a huge break since the next major target doesn’t come in until $1168.00.
Look for Yellen to say that the central bank is likely to raise interest rates at least one more time in 2017.
Gold is likely to break if she says that these events could occur as early as September.
She is likely to acknowledge the strong labor market while saying the economy is moving forward, but at a slow pace.
August Comex Gold price futures are trading slightly higher shortly ahead of the regular session opening.
Gold Price Futures (GC) Technical tests – July 13, 2017 preddection
As it stated in Technical AnalysisThe main trend is down according to the daily swing chart.
Since the main trend is down, sellers could come in on a test of the retracement zone.
The main retracement zone is $1216.80 to $1197.10.
Aggressive counter-trend buyers are trying to establish a support zone inside this range.
Its retracement zone at $1232.00 to $1238.60 is the primary upside target.
collected by :Irax John