Gold outlook – Eyes US GDP and Yellen speech

Resistance - $1223, $1230, $1245

Support – $1216, $1211.48, $1200

• Yellow metal declined till $1211.52 in Asia before making a move back above daily 50-MA level of $1216 amid oversold RSI on daily time frame.
  

• The hourly chart also shows a bullish price RSI divergence.
  

• Consequently, a break above daily high of $1223 would open doors for a rise to $1230 levels. Further gains could run into supply around $1240-45 levels.
  

• On the lower side, a break below daily 50-MA would expose Asian session low of $1211.48 levels.
  

• An upward revision of the US Q1 GDP coupled with hawkish comments from Fed’s Yellen could easily push June rate hike bets above 50.00. In such a case, Gold could challenge demand around $1200 levels.