Bearish tone around USD helped gold turn positive on the day, with prices now hovering well above hourly 50-MA located at $1217.62 levels.
Supported at $1215
Prices clocked a low of $1215 levels earlier today before the recovery was set in motion on account of dollar weakness. Prices are currently trading around $1227 levels; up 0.60% on the day.
The focus is likely to remain on the USD index ahead of Federal Reserve President Yellen speech. Markets expect Yellen to sound cautiously hawkish, but reiterate the economy could withstand two rate hikes this year.
Gold Technical Levels
The immediate hurdle is seen at $1240 (Mar 21 low), above which prices could test $1260 (Mar 22 high). On the other hand, a break below $1215 (daily low) would expose 1204.80 (50-DMA).
(Market News Provided by FXstreet)