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Gold Resumes Uptrend Following FOMC Statement

• Allen Sykora
Gold resumed its uptrend after Federal Reserve policy-makers said Tuesday that they are willing to undertake further action to prop up the economy, with the metal moving to record highs. Still, some cautioned that gold could be due for a corrective pullback in a market that already has so much bullish enthusiasm. Gold finished the Comex pit session weaker, which was blamed largely on profit-taking ahead of the release of a post-meeting statement from the Federal Open Market Committee. As most expected, the Fed did not undertake quantitative easing, in which it would buy debt instruments such as Treasury bonds to help push down long-term yields. However, the Fed language was construed to mean this is a distinct possibility down the road, supporting gold prices.

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