The bulls have loosened their grip around gold, making way for a technical correction/profit taking. Prices currently trade below hourly 50-MA at USD 1189.38 levels. Eyes Yellen testimony The main event for the day for yellow metal is the Yellen’s testimony on the economy before congressional committees today and tomorrow. Comments on whether the Fed will still be considering a rate hike at its March meeting is what gold traders would be interested in hearing. Profit taking may continue ahead of Yellen’s testimony if the equity markets and the USD index remain calm. Gold Technical Levels The immediate resistance is seen at 1200, above which prices could target 1205.80 (June 18 high). On the other hand, a break below 1183.00 (Oct 28 high) would expose 1174.50 (previous day’s high). For more information, read our latest forex news.