Gold Price Hits 3-Month Highs Ahead Of FOMC Minutes

Summary

Join professional traders Phil Carr and Nik Kalsi of The Gold and Silver Club LIVE as they analyse the commodity markets and identify highly profitable trade set-ups on Gold, Silver, Oil, Natural Gas & the Commodity Currencies. This week Gold price peaked to a 3-Month High of $1332 an ounce in the run up to the release of the FOMC Minutes. Gold price fell on profit taking triggered by comments in the minutes indicated an ongoing commitment by the Fed to continue trimming its quantitative easing program. Since Gold prices low of $1185 reached in December 2013, the precious metal has booked an impressive gain of 12% before this week downward move kicked in. The FOMC Minutes from the January Meeting showed the committee unanimously voted to reduce the amount of its monthly asset purchases by a further $10 billion to $65 billion a month. Gold was supported as FOMC officials said the emerging-market turmoil could pose a risk to the US economy but the knock-on effects of recent developments were likely to be modest. From a technical perspective, Gold’s seven-week uptrend is still in place on the daily chart, which remains bullish for Gold prices in the near-term. Watch Phil and Nik as they review the commodities markets, analyse charts in real-time and provide a trading plan for the week of 24th - 28th February 2014.