Gold has put on an impressive $110 bucks since we hit the US government shutdown/budget talks lows at $1250 but there’s some positions coming off the table ahead of the FOMC tomorrow. For those of you who like your head and shoulders, you could be getting one very soon.
Gold daily chart 29 10 2013
There shouldn’t be any shocks from the Fed meeting but we can probably bank of some position squaring and profit taking ahead to it. The $100 buck run will likely be too tempting a profit point for longs.
I think it was Bullard who said that we may get a bonus presser this month. I’ll do some digging to see if there is one.
