Gold Futures Pause for Fed Policy Decision

The recent uptrend for gold futures has taken a step, or two, back these past couple of days.  Investors are standing-by for a “policy statement” from the Federal Reserve indicating whether or not the central bank will begin tapering off their stimulus efforts.

Certainly no gold rush happening, but gold futures have climbed over 8% this month alone which is the biggest one-month gain since January of last year.  Maybe the Commerce Department’s statement regarding the economy expanding more than projected in the second quarter has something to do with gold price’s reversal from the $1,200 per ounce area.
           
In light of the fact that recent market data has been stronger than expected, many (gold futures) traders are being more cautious thinking that tapering may begin this year,” said Kevin Riordan, director of research at Capital Trading Group in Chicago, regarding the current gold futures situation.

The trend for gold futures has reversed to upward in my work in the latter part of this month.  I am trying to buy long gold futures, and today’s dip lower might provide the “way in” I am looking for…

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