Wednesday, December 13, 2017

After two weeks of strong selloffs, has gold bottomed leading into today's Fed rate hike announcement?

With the mania of Bitcoin taking the spotlight, even so much so that CNBC has virtually dedicated the entire week to talking about the cryptocurrency, gold appears to have been relegated to the back shelf, seeing a series of selloffs and dumps that has taken it below its 200 day moving average.

But with the past couple of days having gold hold onto a tight range between $1238 and $1247, has the precious metal price bottomed out as the world awaits Janet Yellen's swan song call of a new interest rate hike?

Chart courtesy of Silver Doctors
We may well have just seen the bottom in gold and silver yesterday: 
That is not to say we can’t take another trip down, and the move faded overnight. 
The significance of today cannot be understated. 
Today is December FOMC day. In 2015, silver bottomed two days before this day, and in 2016, silver bottomed six days after. 
In other words, we either saw the bottom yesterday, or we are very near the bottom right now. – Silver Doctors
Perhaps in about 20 minutes we will find out the answer to this question. 

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