The euro and sterling have quieted but now it’s gold getting a smaller dose of whippy price action in a thin market.
Gold prices jumped $8 in minutes to $1218, the highest since December 19.
On December 19 — one day after the surprise Fed decision to taper — gold hit a long-term low of $1187. Interestingly, on September 19 — one day after the surprise Fed decision not to taper — gold hit $1376, which was the highest since.
Gold daily chart
Could it be that Fed decisions are turning points in the gold market but in the opposite way the market expects? Or a case of buying the rumor and selling the fact?
