The yellow metal trade $3 lower overnight in...>

GOLD: The yellow metal trade $3 lower overnight in a range-bound session, last

dealing at $1,315/oz. Traders may have been wary heading in  to Fed Chair

Powell's second testimony of the week.

- The lack of follow through above the 21-DMA ($1332.7) and rejection ahead of

the $1344.7-1351.3 region took its toll with a sell-off and dips below the

55-DMA ($1319.8) that shifts focus to the 100-DMA. Bears need a close below the

100-DMA to hint at a move back to Dec lows ($1235.9) with below the 200-DMA

($1287.4) to confirm. Layers of resistance are building with bulls needing a

close above $1330.0 to gain breathing room.