Gold's Response to Yellen's Monetary Policy Testimony Is Muted

Fed Chair Janet Yelled gave her biannual monetary policy update and gold's reaction was relatively muted. Eric Zuccarelli, independent metals trader on the trading floor of the NYMEX, tells TheStreet's Jill Malandrionop, gold sold off when Yellen started speaking, to the $1,190s, making a new low for this move in the key support area of $1,180-$1,200. Gold came back to over $1,200 as the testimony went on because Fed policy seems as if it will remain dovish and rates where stay where they are. Zuccarelli believe gold will trade on its own as we have seen, barring any major central bank moves or geopolitical events.