FX_IDC:XAUUSD   Gold Spot / U.S. Dollar
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After the fat lady/man song yesterday, we have seen a strong correction from the "flash crash". Even though the US dollar is steady ( has fallen a little today)... gold remans in a tight band between 1250.50 and 1253 has done for past 4 hours or so. To me this clearly suggests that investor are waiting . Waiting for Yellen's speach. However Yellen is not expected to say anything new, but rather to confirm what has already been said. It is more the hawkish nature of her words that people will be watching.

Furthermore gold has recovered from yesterday with no reason .I think this is due in part to an over correction .Once Yellen has spoken, we may see a more stable trend form one way or another as investors relax and find there feet in what has been a volatile market over the past 2/3 weeks. Since the 7th of this month, after every large correction there has been a fall of 10-25 dollars. So it is my thought that after Yellen's speech we will see a drop towards the trend line at 1235.It may not be a large drop , due her simply reiterating.

It seems most traders and indeed technical analysis are split as to what we could expect after she has spoken. My aim would be to sell short from 1252 to the trend line or at lest to 1240. Before my target bull long 1229-1235 to 1265.

A:Uptrend to 1265

B: Downtrend to 1235.

My money is on B.
Jun 27
Comment: Adjustment: Tight band between 1245.90 and 1250.
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