Just a quick update as gold just moved - PRECISELY - to its yesterday's high and then it reversed. 12 minutes after the intraday high, gold is already $20 lower. Silver is already $1 lower

In the summary of today's regular Gold & Silver Trading Alert, we wrote the following:

"Today is the FOMC day, which might serve the trigger for market's moves. At this time, the market forces appear ready to make gold slide and USDX rally, so perhaps it will be the FOMC that provides the trigger to which the markets would react. Also, please note that the FOMC could trigger some volatility right before and right after it."

That's exactly what happened, at least with regard to volatility. We can't say with 100% certainty if the final top (double top) was just formed, but it's certainly likely.

Despite gold's move to its previous high, miners were not even close to moving to their previous high, and they have been underperforming for practically the entire day.

Consequently, the outlook for the precious metals market remains very bearish.

As always, we'll keep you - our subscribers - informed.

Thank you.

Sincerely,
Przemyslaw Radomski, CFA
Editor-in-chief, Gold & Silver Fund Manager