GOLD

Yellen testimony made the metal to extend its losses. The metal drifted to the other important key support level at $1,291.90 (50-D Sma). Obviously, it has been holding support in yesterday's session and today in Asia's session as well. It is trading at the $1,295.20 levels. It has key resistance at the $1,299.50 (50-W Sma) levels. The metal must close above the $1,300 level on a weekly basis to pause its downfall. The trading pattern is framed between the $1,300-$1,291.50 levels.

For an intraday basis, the metal is trading below the hourly moving averages, which is a bearish sign. The metal favors the bear market until it trades below $1,300 (50-W Sma) as well as $1,313.50 (16-hr high). The metal must cross the $1,322 levels to turn to the bullish view on a daily basis. It has support at $1,291.90 (12-hr low) below this. We can see $1,286 (200-D Sma) levels.

If a session closes below the $1,286 levels, we can see a huge fall up to $1,280, $1,261 and even $1,240 levels.