DMR–Afternoon Update

Timor Invest
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(USAGOLD – 10/30/2019) – In this morning’s DMR (please scroll below), we mentioned that “if there is going to be any real drama resulting from this meeting, it will likely come during the post-meeting press conference.”  The gold’s market reaction to the FOMC statement itself was to sell-off. Then at that press conference Fed chairman Powell made the following comment:

“I think we would need to see a really significant move up in inflation that’s persistent before we even consider raising rates to address inflation concerns.”

That gave gold the green light. It immediately reversed the downtrend and began tracking higher  – bouncing off the $1484 mark to near $1495 in a matter of minutes.  Here is what that rather dramatic turn of events looked like on the chart: