Gold is in free-fall, down $21 to $1287.
The selling was briefly halted at $1300 and then held $1295 as Yellen spoke but there was nothing new or dovish from the Fed Chair and prices have sunk down to the 100-day moving average.
Gold daily (55 dma in green, 1oodma in red)
I’m short gold and I warned yesterday that the inability of gold to take advantage of dollar weakness was a bearish signal.
