Inquiring minds note the interesting action in gold today following the non-news from the FOMC minutes from June 18 that the Bernanke Fed is not quite ready to tighten.
(See FOMC Minutes and Economic Projections: Dissent in Both Directions; Confused?).
Gold 15 Minute Chart
click on chart for sharper image
Gold Correction Over?
I wonder why anyone thought the Fed was really going to tighten in the first place. Regardless, here’s the key question: Does the non-news that the Fed is not really serious about tightening mark the end of the gold correction?
Unfortunately, I cannot answer that (and no one else can either).
However, I do expect extremely negative sentiment regarding gold to bottom at any time, and perhaps this is the time.
Mike “Mish” Shedlock
