FOMC meeting

I’m expecting gold will suffer an attack immediately following the rate hike on Wednesday. More importantly will be how it closes. If gold can reverse from the attack and close in the green then we should have confirmation the ICL bottomed in May.

If not, or if gold drops below the May low then the metals have a little more work to do before the rally begins.

Either way, I still expect this next intermediate cycle will be the one where the metals finally break out of the basing pattern they’ve been in for the last year and a half.