It is now about 45 minutes after FOMC statement.
(Note: the number 3:44:24 is the time left for that 4 hour candle to finish. Means the red candle just run 15 minutes and 36 seconds)
Just exactly as the news predicted, The Fed is extending Operation Twist program which spend $45B a month. It means we don't have any change as current situation. The Fed is spend a total $85B/month for its program.
I guess gold will strengthen but not too much. We have so many resistance above 1730. So, I will not expect too much now for an uptrend.
Seeing at the H4 Chart, 45 minutes after FOMC, it's clearly seen that gold has strengthen to 1723.25 but then has correction in the next candle. From those 2 last candles, which represents 45 minutes after announcement, I think it gives us a clear view that FOMC announcement doesn't have much effect on gold price.
Also note the volume when FOMC announcement. There was not big, just as ordinary as other moments. That gives me a picture that market consider the FOMC as an ordinary event, nothing special about it.
I guess gold will play between my white line and the yellow line (about 1709-1726) for today with a slight upside tendency.
Trade well....
GG - 2012.12.13
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