Gold Blasts Off

My view:

Gold just raised its middle finger at the banking cartel and has broken through a 6 year resistance area around $1365 in the quiet hours after the New York close today. 

Now we need to see it hold above the 1360 - 1365 area tomorrow and fund managers will pile on board the golden magic carpet ride.

While we were expecting some consolidation after the FOMC announcement today, the shiny metal had other plans as a huge short covering ensued.

The pattern now targets $1499 at a minimum, and probably $1530 longer term or higher.