Like Fed, Gold Following Economic Data – Jim Wyckoff

All eyes on next week’s FOMC meeting, says Jim Wyckoff on this latest edition of Technically Speaking. According to Jim, the gold market has just been reacting to the latest economic data coming out of the U.S. and he expects the metal to continue its choppy and sideways trading ahead of Wednesday’s Fed meeting. “June comex gold futures are working on a downtrend on the daily bar chart And that has encouraged the technical sellers this week to give that price action a little downside bias,” he says. “I don’t think the Fed is going to do anything next week.” Looking at Europe, Jim comments on Greece’s debt situation and says the marketplace is keeping one eye on the matter. “In my mind it’s going to be a bullish underlying element for the gold market in the coming weeks and months.” Tune in now to see what market ratings Jim is giving gold and silver this week. Kitco News, April 23, 2015.