Gold recovered from the daily lows to trade around the hourly 50-MA at 1190.58 levels ahead of the Yellen testimony. Yellen could make or break gold Yellen’s testimony could either calm market nerves or lead to worsening of the risk-off sentiment and thus could have a significant impact on Gold. The market expects Yellen to tilt slightly on the dovish side, which means gold could rally again. However, the metal has already rallied more than $100 in last one month and may have priced-in the dovish tilt. A major surprise would be Yellen talking about rate cut or maintaining hawkish bias. Accordingly, the yellow metal could see a sharp rise or a drop (much awaited technical correction). Gold Technical Levels The metal currently trades around USD 1189/Oz levels. The immediate resistance is seen at 1190.60 (hourly 50-MA), which if taken out shall open doors for a rally to 1200 level. On the other hand, a breakdown of 1185.40 (key support on hourly chart) would open doors for a drop to 1181.10 (daily low). For more information, read our latest forex news.