Yesterday saw a classic "buy the rumour, sell the news" set up in gold, as the market drifted higher all day and spiked above 1720 on the FOMC announcement, before selling off hard in the evening session and overnight.

Gold is now trading below 1700 and the short term charts look very weak with further selling likely.

However, longer term, quantitative easing is here to stay, at least until employment in the US falls to 6.5% and remains there, which could take many years.  This means the jobs reports will take on even greater significance in the future, as traders assess the likelihood of quantitative easing coming to an end.

For our subscribers at www.goldtradingexperts.com, today's video looks at yesterday's action in more detail and our strategy for our next trade.

After forming a textbook 38.2% Fibonacci retracement ABC correction of the rally from 1683 to 1717 yesterday, gold is moving higher again this morning.

The final FOMC rate announcement of 2012 is due at 5.30pm UK time and we expect the market to drift higher in anticipation of this.  There is an expectation of further economic stimulus, so there is potential for disappointment if this is not forthcoming, though we expect the market to react favourably to confirmation of further quantitative easing or similar measures.

For our subscribers at www.goldtradingexperts.com, today's video looks at our trading strategy for today in detail and our expectation for the announcement later today.

Gold drifted higher yesterday in follow through buying from Friday, though found resistance at the trendline broken last week at 1717.  Overnight, gold has found support at the previous resistance level at 1707 and is currently trading around 1710.

All eyes are on the FOMC meeting and announcement at 5.30pm UK time tomorrow, where it is expected that the Fed will announce some form of additional economic stimulus, particularly as Operation Twist comes to an end on 31 December.

Any additional quantitative easing will be seen as positive for gold - we may see a run up in price prior to the announcement in anticipation of this.

For our subscribers at www.goldtradingexperts.com, today's video looks at our strategy for our current trade and what we expect over the coming trading sessions.

In an interesting and potentially significant day of trading on Friday, gold sold off on the release of stronger than expected jobs numbers out of the US, only to find support at 1684 to form a "triple bottom" and rally impressively into the close.  A "hammer" candlestick was formed on the daily chart - this is a reliable reversal pattern after a sustained down trend.

The market has continued to rise this morning and has broken initial resistance at 1707.  If this level can hold, further buying should come into gold as the prospects for a sustained end of year rally start to increase.

Resistance lies at 1720, 1730 and 1755, as well as several moving averages, though the bottoming action over the last week could potentially be the end of Wave C.  If this is the case, a strong Wave 3 rally should begin.

For our subscribers at www.goldtradingexperts.com, today's video looks at Friday's trading action in more detail, our view on the most probable Elliot Wave count and our strategy for our next trade.

After attempting a rally yesterday afternoon on rumours of a large physical buyer, gold has stalled out below 1705 and turned lower this morning.  The yellow metal is currently trading around 1697.

Today sees the release of the Non Farm Payrolls data in the US - a very weak number will see the dollar fall and could potentially see gold and other commodities rise as the prospects for further economic stimulus increase.

Gold still looks vulnerable to further downside pressure, and a retest of 1672 still remains the most likely outcome.  A failure to hold this key support level would suggest a drop to 1630, a fall that could happen rapidly.

For our subscribers at www.goldtradingexperts.com, today's video looks at the price action from yesterday and our strategy for our next trade.

Gold sold off further yesterday, finding some support at 1685 after a $20 drop after failing to take out 1705.  Gold remains weak overnight and a test of 1672 looks likely from here. Gold is moving towards oversold on many indicators that we follow, however we think the chances of a "washout" sell off to take the market well into oversold territory are quite high.

We appear to be in the final stages of a Wave C decline, with possible bottoms at either 1672 or 1630.  The market is likely to find support at the Wave A bottom at 1672, though whether this will hold longer term remains to be seen.

Once Wave 3 begins, we should see a sharp rally that takes us well above 1800 and on towards new highs.  It now looks unlikely that this will be the case in December, though early 2013 should see the bull market well and truly back on track.

For our subscribers at www.goldtradingexperts.com, today's video looks at our strategy for our next trade and the last couple of days price action in more detail.

After falling through 1700 overnight, gold continued to sell off enthusiastically all day, finding tentative support at 1690 but closing below 1700 for the first time since 2 November.

Gold broke the rising trendline decisively, which has bearish implications if the market cannot get back above the line, currently at 1706 (Feb contract), in short order.

A test of the November low at 1674 looks to be on the cards as we see no signs of a bottom yet - none of the indicators we follow are very oversold yet and there are no bullish divergences apparent.

If 1674 cannot hold then a retest of the 200 DMA at 1665 and a sell off to 1630 becomes a compelling outcome.

For our subscribers at www.goldtradingexperts.com, today's video looks at our thoughts on the most likely scenario that we see playing out and our strategy for our next trade.

Gold fell in overnight trading, dropping below 1700 in what looks like stop loss induced selling.  The price has rebounded since, however the uptrend line was briefly broken by the sell off and the market remains vulnerable to further liquidation, with 1672 and the 200 DMA at 1665 likely targets.

Although the bullish case has been dented by recent price action, a strong rebound from here and a break of 1730 would put the bulls firmly back in charge.

For our subscribers at www.goldtradingexperts.com, today's video looks at our revised Elliot Wave count and our thoughts for our next trade.

Gold found resistance at 1730 on Friday, the 50% retracement of the fall from 1755 to 1705 on Wednesday.  After failing to break this resistance level, gold sold off, finding support again in the 1700-1710 major support area.

Whilst the daily chart does not look strongly bullish after last week's price action, as long as the price remains above this support zone and the rising trendline, now at 1700, the prevailing trend is up and the price will rise over time.

A failure to hold the critical support area will see us revise our bullish stance.

For our subscribers at www.goldtradingexperts.com, today's video looks back at the trading in November and our thoughts for December.