Gold is at the highs of the day, up $38 to $3681 which nearly brings it back to where it was trading minutes before the FOMC decision. It's also just $20 from the all-time high.
This week was a test for gold as it was hit by a somewhat hawkish Fed and higher Treasury yields. Despite that, the bulls pounded on some modest weakness and have aggressively bought today.
Ultimately, I don't think the gold bull case is about medium term Fed policy or inflation but about a breakdown in the decades-long order in trade and geopolitics.
gold 10 minute chart
