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Gold Following Channel Uptrend

Initial Jobless Claims gave Gold another reason to strengthen against US Dollar. U.S. Department of Labor reported that the number of individuals filing for initial jobless claims rose by 14000 to 348000 last week which economists were expecting to increase by 1000 to 335000. Another reason for the rise in Gold could be the geopolitical tensions between Russia and Ukraine dampening the risk appetite of investors and increasing the demand for safe haven like Gold and Silver. Gold yesterday plunged against US Dollar after the New Home Sales data and found support at 1322.37. The pair is now following a channel uptrend. Now there are 2 possibilities of the further movement: either the pair will continue to follow this trend for a while or it might break out. 

Market is now waiting for Yellen testimony releasing at 10 AM EST. Yellen will testify before the Senate Banking Committee about the economic outlook and monetary policy. She is likely to be pressed on whether the economy is slowing or the weak data is a result of bad weather.