Metals a little weak ahead of the FOMC

The precious metals were somewhat weak across the entire trading day, with Gold and Silver closing -0.6% and unchanged respectively. Mid-term trend remains weak, but if the FOMC can inspire the metals to jump 2% tomorrow, then there is opportunity of significant upside into early 2014.


GLD, daily

SLV, daily

Summary

It was a bit of a quiet day in the metals. Gold was weak, whilst Silver managed to actually close exactly flat.

Tomorrow is the FOMC, and even though the announcement is almost certainly 'no change'...I have to think the metals are primed for a very significant move.

Best guess...a late Wednesday surge, based on the notion that QE won't be reduced until spring 2014 at the earliest.

The weekly charts for the metals look bullish in the immediate term..although the monthly charts are still VERY bearish. So...short term bullish...mid term bearish across 2014/2015.
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Regardless..tomorrow should be pretty exciting in the afternoon, with some very dynamic price action.