Gold Waiting on FOMC and Possible Easing by the FED; Bulls Regain Momentum – Jim Wyckoff

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The gold market is essentially “on hold” ahead of the FOMC meeting, with speculation that the FED will announce more easing, and the question then being what kind of easing. But in today’s “Technically Speaking”, Jim Wyckoff stresses the important thing to note about the gold market right now is that bulls have regained considerable upside momentum, as we’ve seen a rebound rebound from the low. With the FOMC, there seems to be some consensus in the markets that there will be some kind of announcement of easing or accommodative monetary policy move. Wyckoff gives us his outlook and market rating for both gold and silver, and tells us what he expects following the FOMC/FED meetings. Kitco News, June 19, 2012.

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