Yesterday the FED did the usual: nothing. They continue to hide from the truth of inflation and where interest rates should be. Through it all Gold, Silver and Platinum have remained tightly wound in consolidation. The metals will breakout in one direction or the other, the only question is which way?
The current pattern suggests that move will be up and of course because of that we remain long. The overnight action was disappointing with Gold, Silver and Platinum moving nicely higher before peaking last night. Since the top last night, the metals have been heading back towards unchanged.
As of 6:00 am EDT Gold, Silver and Platinum are higher but well off the overnight highs. The action today could be especially important to the next big move which looks higher. There are no guarantees that the next move is higher. All we can do is use the evidence we have to make the calculated trade to the long side based on the prevailing trend.
In other words we are long until this pattern tells us otherwise.