We are flat after closing out our position yesterday.  This rally looks to be in the middle of a "blow off" leg higher, then we should see a correction,

For now we will watch and be satisfied with $126 profit taken in January.

Our daily video to subscribers recommended raising stops to 1722 as this rally is starting to look like a correction is needed.  Our long position has therefore closed out for $60 profit.  This could be the start of Wave 2, we are flat now and watching after banking another good profit.

Gold has continued higher and, more importantly, has held onto the gains following the FOMC statement.  We are expecting higher prices and will trail our stop to lock in gains on our second profitable trade of 2012.

Stop level and price targets for this Wave 1 are discussed in todays video for subscribers.

Gold has held onto overnight gains and is trading at around $1710, giving us $50 of gains on our long trade.

We are mindful that such knee jerk reactions can reverse as quickly as they arrived and will look to lock in profits above $1700 if we see signs of a reversal.  We have raised our stop as discussed in today's video update to subscribers

The FOMC took a very dovish stance in their monthly meeting, indicating that interest rates will stay where they are in the US until late 2014 and that they remain very accommodative to further Quantitative Easing.

This expansionary monetary policy is very bullish for precious metals and stocks and gold took off, climbing well above $1700 on the announcement.

Of course this is good news for our current long trade, though we at UKGTE are always suspicious of knee jerk reactions of this kind and wil llook to close out our trade and lock in profits if we see a reaction back below $1700.

After hitting a rally high of 1681 yesterday, gold saw some mild selling back to 1660 and has found support there.  This fits in with the pattern of higher highs and lows that this orderly rally has traced out. 

We will look to move our stop up as discussed in todays video, for now our trade is a few dollars in profit and we are happy to remain long.

Higher highs and higher lows in gold over the past couple of weeks as gold rises steadily higher.  We are long from 1662 and now in profit on our trade.

More often than not, gold eventually falls dramatically after a slow grinding rally like this, so we are on alert to close out should signs of a breakdown appear - otherwise weeks of patience can be wiped out in minutes!

Gold is continuing its slow rise higher and has now broken through the downsloping resistance line.  We have raised our stop as detailed in our video to subscribers, which also sets out our targets for this rally.

We remain long from 1662.

Gold is continuing in a steady rise tracing out a pattern of higher highs and higher lows.  We remain long from 1662 and will look to trail our stop up as the market moves higher over the coming days.

Gold has continued higher this morning after forming a solid base around 1645.  We remain long from 1662, our targets and stop level are discussed in our video to subscribers.