So, the ‘FOMC day’ has come to pass and the rate hiking cycle has begun, as had been widely expected. It looks like the majority of the market participants have interpreted the Fed’s forward guidance as more hawkish than expected – hence the dollar has rallied, if only moderately so far. Remarkably, gold also managed to end Wednesday’s session higher. But was that the bull’s last hurrah? The precious metal had already given up its entire weekly gains by Thursday afternoon, when this report was written. This time of the year is usually a happy occasion but surely that’s not how the gold bugs must be feeling right now. ... (full story)