After drifting lower yesterday, gold is again slightly weaker this morning, as the market focuses on the upcoming FOMC meeting on Thursday.
It has been the case for many months now that the only news that matters is whether or not there is going to be further economic stimulus from the Fed - expectations are high that Thursday will see an announcement in this regard.
As such, should the Fed fail to announce any new economic stimulus package, the correction in the precious metals will be sharp and rapid as those speculators who have recently been bidding up the metals bail out of their long positions.
Today's video looks at short term Elliot Wave counts and our expectations for the next few trading sessions.
It has been the case for many months now that the only news that matters is whether or not there is going to be further economic stimulus from the Fed - expectations are high that Thursday will see an announcement in this regard.
As such, should the Fed fail to announce any new economic stimulus package, the correction in the precious metals will be sharp and rapid as those speculators who have recently been bidding up the metals bail out of their long positions.
Today's video looks at short term Elliot Wave counts and our expectations for the next few trading sessions.