Largest net-short position in gold in history (well, since it's been tracked in the 90's). Just wait until all the hedge funds start covering their short positions. Today's action is mostly an adjustment based on the weaker dollar - not really a movement in gold. But now that e are firmly above the $1,100 mark, the Short covering is going to kick in. There's going to be a 5% up day very soon.
So, even if their prediction is right, that's $46 in potential downside. What's the potential upside? Can you see this objectively, or too biased? Doesn't seem like a good risk/reward to try to wring the last couple dollars out of the gold-short position. IMHO.
I do think that Yellen will strike a decidedly dovish tone - might even create speculation that a December hike is unlikely. The question is... how would that likely effect gold pricing? It would be bullish, certainly, but how much would the price of gold actually change based solely on that?
I really don't know. But I guess we only have a day to wait to find out...