Gold awaits Janet Yellen’s speech
The deteriorating uptrend here might well push lower if Janet Yellen is sufficiently hawkish. The next target on the downside would be in the direction of $1305, where the sell-off in July ran out of steam.
If the price can rally, then the first area of resistance would be the 50-day simple moving average (SMA) at $1333, while above this the longer-term target would be $1380. A close above here is needed to create a new higher high to maintain the uptrend.