It is a well-known rule of thumb that the safe haven asset class which includes gold typically trades with an inverse correlation to equities.

Twice each year the chairman of the Federal Reserve meets with the Congress, as well as the Senate. During these two meetings he delivers his outlook on the economy along with some insights as to the upcoming monetary policy.

Since February 5 when gold hit its lowest trading point since January 23, the key difference was that last Wednesdays low was followed by a green candle.