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Gold Falling Ahead of Yellen Testimony

Gold prices moved lower today as the investors turned their focus to congressional testimony from Fed chairman Janet Yellen. After reaching back to its previous highs Gold was trading sideways. But now it broke the pattern by moving down from the support to find the next support level at 1299.87 or 1296.53. The stochastic oscillator is also signaling that the pair is now going to follow downtrend. Yellen is expected to reiterate that the central bank intends to keep interest rates on hold for longer in her testimony at 10:00 AM EST.