POST-FOMC: Understanding Gold’s Reaction To The Fed

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Bill Baruch of iiTrader joins Kitco News shortly after the FOMC announcement to make sense of gold’s reaction to the news. “We were expecting to see the end of QE,” he told Daniela Cambone. “Gold is taking a hit here…$1,219.5 is a major 50% retracement of the recent range and a close below there is going to leave the bears in control.” Baruch adds that the strengthening U.S. dollar will continue to pressure gold prices. “In our outlook…we’re going to see lower gold prices for the rest of the year.” Kitco News, October 29, 2014.

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