Gold has been weakening for three trading session in a row since investors are looking forward to get acquainted with the results of the latest FOMC meeting, which decided the fate of the Fed’s accommodative policy. They are almost convinced that the Fed will finally decide to taper the QE program.
The gold spot prices in London declined by 0,6% on Wednesday to reach $1302,16 per troy ounce. Lather on, the price went further down to $1292,02/oz. The December futures on Comex depreciated by 0,5% down to $1302,2 per ounce. Gold prices have dropped by 22% since January 2012.
The chart below, courtesy of Masterforex-V Academy, reflects the current state of affairs in the market of Gold:
