Gold and silver caught some legs to the upside today after the Fed did nothing.
The markets suspect that the Bank of Japan will be announcing something that sounds like ‘helicopter money’ on Friday, which will continue to boost the global liquidity depending on what they do.
Another day or two of upside for the metals and we may be getting that ‘up, up, and away’ action that we discussed last week.
We have an intermediate inverse head and shoulders working, and if it breaks out it signals 1450 as a minimum objective, against the cup and handle longer term target of 1490.