FOMC fails to inspire the metals

Whilst equities soared, the precious metals failed to be part of the party. Gold continued to cool, settling -0.6%, although Silver did manage a fractional gain of 0.1%. Broader outlook is for much lower levels, with Gold still to test the giant $1000 threshold, if not eventually 900/875 zone.


GLD, daily

SLV, daily

Summary

Little to add.

So.. the last FOMC of the year does nothing to change policy (as expected)... and for the metals.. this was not enough to inspire any sustainable gains.

Price structure remains a giant bear flag for both metals... and a major snap lower is still due.

The strong dollar is going to provide added downward pressure on the metals... into next year.