Gold Gains, 1277 and 1270 Support Alert

Gold prices rose again this morning to the level of $ 1,287 this afternoon. Strengthening of gold is supported by reports of physical gold demand in China and a weakening U.S. dollar related to anticipated testimony Janet Yellen, Governor of the Central Bank of the new U.S., before the parliamentary finance committee tonight.
Technical indicators on the 4 hour chart shows indications of reinforcement. But the price currently being corrected to the area in 1282. Gold may still be able to maintain its gains with the target potential area for 1294, as long as can stay above 1277.
While penetration below the level of 1270 could open up a potential weakness to the area in 1264.
The focus of today's market is a testimonial Janet Yellen tonight at 22:00 pm. But usually written speech the Governor has been given to the media about 90 minutes earlier.

Src Monex