Stocks and Precious Metals Charts - Gold Breaks 1350 - China Trade Looms

The Fed did as expected today.

While they did not cut interest rates, they did make the appropriately dovish sounding noises.

And dot plots, yada yada.

So gold and silver moved higher, stocks not so much, and the dollar dropped.

I had my eye on stocks in the afternoon since gold had obviously decided that 1350 was going down. 1350 is now support. Gold must hold 1340 to continue making the cup and handle active. The target, for now, is $1530.

There is a stock market option expiration on Friday.

Stocks are going to be watching the macro global economy, specifically through the lens of the US-China trade situation.

Let's see what the stock market does tomorrow after a night to think about things. I did not make a move in stocks today. The metals are a nice long to keep riding for now as long as they can make it through any backfilling and retests.

On the situation chart below scenarios 1 & 2 are now the most probable. Can you tell which way I was leaning?

The metals went out on the highs of the day, so we know pretty much what the thought is there.

Have a pleasant evening.

(Click on image to enlarge)