12pm update - a wild afternoon ahead

Mr Market is likely to remain in mild upside-chop mode for the next two hours. However, we're very likely to see some pretty dynamic action once the FOMC announcement is made. The precious metals look extremely vulnerable to snapping lower.


sp'60min

GLD, daily

Summary

*there is a lot to cover..I'll battle hard to cover it..

Gold is holding gains of around $10..but there is very real risk of a snap lower..with a daily close -$25/35. Daily charts look....very vulnerable, not least with the current black-fail candle..at resistance!
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As for equities, upside to 1800 looks likely..but it'll be damn hard to break much above 1805/10.

Best case for the bulls..a spike high, early tomorrow 1810/15...on US/EU GDP data, but we might simply fail this afternoon. We'll just have to see what sort of price action we get in the 2pm hour.

--
time for lunch !


12.31pm... chop chop...still in the 1780s...but importantly..holding well above the early 1774 low.

Gold looks weak, now +$8..things sure will get interesting in <90mins.