FOMC fails to inspire Gold

Despite the FOMC confirming 45bn of naked t-bond buying starting in January, Gold failed to hold the gains, and closed just $1.20 higher.


GLD, 60min

GLD, daily

Summary

We have a clear bear flag on the hourly and daily charts.

First target is GLD 158, where I expect a bounce to around 161/62 in Christmas trading week.
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Many out there are also touting 158...

for example, see Chartist friend from Pittsburgh

Whether Gold will slip into the GLD 140s..or even lower in 2013, that remains a very difficult issue to guess.