The FOMC minutes appeared to rein in the anticipated prospects of QE tapering somewhat last night, resulting in a powerful rally in gold and equities and a sharp decline in the dollar.
Gold reacted in muted fashion on the release of the FOMC minutes, however at the open of the Asian session at 11pm UK time jumped higher, hitting a peak just below 1300 as the dollar tumbled to trade below 83.
Oil has surged higher again and is now trading above $107 a barrel, hitting our initial target of $106 just a week after breaking out above resistance at $98 a barrel.
Equities are powering higher after their recent correction and look ready to challenge May's all time highs - further equity strength will be bearish for gold as investors reallocate funds to equities in search of yield.
Today's video for subscribers looks at targets for this rally and our strategy for our next trade.
Gold reacted in muted fashion on the release of the FOMC minutes, however at the open of the Asian session at 11pm UK time jumped higher, hitting a peak just below 1300 as the dollar tumbled to trade below 83.
Oil has surged higher again and is now trading above $107 a barrel, hitting our initial target of $106 just a week after breaking out above resistance at $98 a barrel.
Equities are powering higher after their recent correction and look ready to challenge May's all time highs - further equity strength will be bearish for gold as investors reallocate funds to equities in search of yield.
Today's video for subscribers looks at targets for this rally and our strategy for our next trade.