FxWirePro: Gold trades flat, market eyes Fed Chair congress testimony

• Gold is consolidating between $1340 and $1330 for the two trading session. The yellow metal shown a good recovery yesterday on weak US dollar. Fed Chairman Jerome Powell’s first testimony in Congress will be major event to be watched for further direction.  US dollar taken support near 233- H MA and shown good recovery till 90.05 and is trading at 89.77.
   
• The major economic release today are US durable goods and CB consumer confidence. Markets are expected to react after this data.
   
• On the lower side, any break below $1318 (55- day EMA) will drag the gold down till 1316 (38.2% fibo)/$1309. Bearish continuation only if it breaks below $1305 level. The near term support is around $1330.
   
• The yellow metal broken major resistance at $1336 (20- day MA) and any close above confirms further bullishness and a jump till $1342 (50% Fibo)/$1348/$1355. Overall bullish continuation only above $1366.

It is good to buy on dips around $1330 with SL around $1324 for the TP of $1347/$1351.