giddy up, page-3

The Fed's surprise decision today resulted in a huge spike-up for gold, which closed up $53 an ounce at $1,363.

We suspect that much of that was not buyers, but short-sellers, bearish on gold but being forced to the buy side to close out positions when gold started to spike after the Fed's announcement, driving the price even higher.

Gold had been down sharply prior to the announcement, under $1,300 at $1,293. The outlook for gold had turned significantly bearish in the last week, with for instance, three of the gold-timers ranked in the Top-Five by Timer Digest having issued sell signals as potential support levels did not hold.

In its spike up today gold did move back above its 10-week m.a., but it didn't have much effect on the intermediate-term technical indicators
Today's spike-up lifted gold back up to its 30-day m.a. And trendline resistance is just overhead.