Since the September high, Gold has ‘only’ managed to shed 7.6% in value (if we look past the 9.1% it achieved by Tuesday’s low at the $1236.32). It was thanks to Wednesday’s FOMC meeting that Gold bugs were given a reprieve from bears as traders were positioned for a more hawkish meeting before broad USD weakness ensued. So, with momentum generally favouring the bears, we’re seeking a suitable opportunity to join them. The daily timeframe has provided two prominent bearish legs since the September highs, which were separated by a sideways range a little reminiscent of a continuation triangle. We stop short of calling ... (full story)