These are additional comments that were emailed to Polya Lesova, Financial Writer at Marketwatch.com, immediately after the FOMC announcement on interest rates.
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With the Dollar going into a virtual freefall since the FED announcement, it will be interesting to see just how far Gold can rally. If Tuesday's high of 599 gets taken out there's a decent chance that the rally can continue right up to major resistance at 609.40 which is the 100-day MA. If Gold is going to test that resistance level it will take some serious fund buying along with continued Dollar weakness which just hasn't been evident of late.
Dale F. Doelling
Chief Market Technician
Trends In Commodities
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