Gold technicals doesn't look too good. Although price is higher on the recent peak, both MACD and Stochastic failed to go higher. This could be a bearish divergence. I almost wanted to short Gold before the FED meeting.
However, I entered on 4 long positions based on the fundamentals. As Bill Cara wrote today, "Is there any doubt that the gold price is going to advance and that liquidity will continue to dry up in global equity markets?"
Another hint is that although the day opened lower, the technicals edged higher as we approach the FED meeting time.
The position is in positive as I type this. However, tomorrow should be more telling as the Asian and European decides what to make of the 50 pts FED cut. My target is \$1000 but will probably exit by Friday based on what happens then.
: http://bp2.blogger.com/_Vlx60iTPx5s/R6DfdBzQQoI/AAAAAAAAAME/0EhoD-2G_rg/s1600-h/gold_daily.jpg : http://bp0.blogger.com/_Vlx60iTPx5s/R6DeihzQQmI/AAAAAAAAAL0/-POEn-3h4gE/s1600-h/gold.jpg