$1300 level by April, page-150

•Gold was $1350US in the lead up to Dec2015 rate hike. By the time the rate hike happened, Gold was at $1050. This was the cyclical low in my opinion and won't be revisited this Decade.

•Gold spiked back upwards for much of 2016 as 'expected' rate hikes were successively deferred due to the sluggish US economy.

•Gold was at $1300+ in the lead up to 2016 rate hike and dropped to c.$1120US approaching the second rate hike in this cycle.

So, in my experience, Gold falls as interest rate hikes are telegraphed to the market. Rate hikes don't happen when short term rates are finally moved upwards, they happen in the weeks and months beforehand.

This setting of interest rate expectations is the Fed's most powerful tool by a long shot. QE and rate setting pale into insignificance when compared to Fedspeak.

I'm very happy to agree with you however, that once the rate hikes are enacted, Gold has often moved higher.
Let's hope that continues for each and every rate hike in this cycle.

Proc.