By Ben Turney | Wednesday 30 July 2014
Disclosure: I have no positions in any stocks mentioned, and no plans to initiate any positions within the next 72 hours. I wrote this article myself, and it expresses my own opinions. I am not receiving compensation for it (other than from ShareProphets). I have no business relationship with any company whose stock is mentioned in this article.
At 7pm tonight (BST), the Federal Open Markets Committee (FOMC) will announce its latest decisions on US interest rates. The market appears to expect a hawkish statement from the FOMC, judging by the weakness in equities and the strength of the dollar. Gold too has been falling. However, according to the commentary from Jon Hilsenrath, it appears that the policy debate over future rates is too close for anyone to be certain what Janet Yellen and company will do. As such, a contrarian, tightly managed long in the precious metal could prove to be a gamble worth taking, especially given the proximity of the price to a key level of technical MIDAS support.
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