Too many cross currents have made the picture for gold trading muddied. Couple of weeks ago we argued for taking the short position during the bounce towards the resistance levels of 1220 and 1240. We have taken profits on 2/3 of the position and bringing the stop for the rest to 1235. Reason is, we are losing the time symmetry on the head and shoulder pattern on which we based our trade. Besides Yellen speaks on Friday and it's a fact that Fed likes to thresh the dollar.
