Gold bugs could be coming back out to play

has gold formed a base

• Gold seems to be basing and has formed what seems a double bottom near the 1180 level.
• We have tried trading above the 200 day exponential moving average without a strong close.
• Tonight’s FOMC would give gold the next move it needs to get some momentum.
• Should the FED taper more expect further downside for gold.
• I am a keen believer in not following the herd and most traders expect a taper, so I like a small long  with a stop below 1225.