Short Gold

Today's most important event for Gold trading is Fed chair Yellen's testimony at 10:00 AM EST. Yellen's dovish stance will send gold soaring and more hawkish comments will make it tumble towards 1100. If you have missed the short 1220 from our previous trade idea then today it might present another opportunity. If you don't have position then there isn't any point in getting in right now. Best strategy would be to wait until the event and look to short it around 1220. Initial volatility might be huge and spike can reach upto 1240 ! So needs to be able to get in/out quickly.

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