Gold is getting beat up once again today, down $54 to $1640. The gold bugs (like the bond bulls) have been clinging to QE3 and they are starting to throw in the towel. At the same time, Chinese growth slowing … Continue reading
Other regional bourses are over 1% higher as well, all of which is encouraging the USD/JPY bulls to keep on buying. Gold is trading at $1677/oz after a hefty fall post-Fed and Oil is at $106.50, unchanged from yesterday.
The second wave of US dollar-buying has knocked gold below the 200-day moving average to $1679.
Gold has slipped about $5 in the past few minutes on some pre-FOMC jitters, to $1693. The 200-day moving average, at $1682, is the level to watch after the decision.
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S&P 500 up 8 points, at a session high. Gold has completely rebounded from the NFP losses. Huge potential reversal on the daily chart as well. Update: Just plowing higher to $1710 now.
Low so far at $1677. A break targets support at $1661/62…