15 December, 2016

 Gold hovered at firmer levels for much of Wednesday and just prior to the Fed announcement, as a weaker dollar and slightly worse-than-expected macro numbers out of the US gave the complex a bit of a lift. However, prices reversed course and sank to fresh lows after the Fed statement and the Janet Yellen press conference were both over, with values piercing the $1150 level in the process and finishing down some $14/ounce on the day. We are now within $20 of our $1125 downside December target highlighted in our latest monthly report (not $1140 as erroneously mentioned earlier).