(Kitco News) – Bull markets see downside corrections in existing price uptrends, and then the bulls step in to buy the dips to keep the uptrend alive and healthy. Such is the case in the gold market today. Weaker U.S. stock indexes today are also working in favor of the safe-haven metals bulls. Look for potential higher volatility in the immediate aftermath of this afternoon’s FOMC statement and following press conference from Federal Reserve Chairman Jerome Powell. While most expect the Fed to cut U.S. interest rates, the odds of a rate cut have somewhat diminished lately. December gold was last up $2.70 at $1,516.10.
By Jim Wyckoff
For Kitco News
Contact jwyckoff@kitco.com
www.kitco.com
