Market Snapshot – All Eyes on Yellen

Yellen To Speak Later

The Fed Chair Yellen will be speaking later in the day today and so far, all the eyes in the market are on her. This week has been slow so far with the euro being the only currency to make any notable move so far. That is likely to change in the coming hours as Yellen takes center stage and it is expected that she would give hints and say something about the monetary policy which would help the markets awaken from their slumber. The euro has been going on its merry ways since the start of the day with a correction back towards its broken resistance followed by a move back to the top of the range. The euro move has been the only significant move in the markets since the start of the week and the market needs some push from somewhere.

Gold Prices Recover

Gold prices continue their recovery from yesterday as the prices pushed against the 1220 region and have since corrected. It is generally believed that this correction back towards the broken support region will be short lived and we should be returning back to the downtrend in the short term. If this does happen, we should see the prices moving towards the $1200 region in the short term and we believe that the prices are likely to weaken even further as the gold prices come under pressure from all quarters.