The Fed delivered again a licence to speculate although the stock market didn’t take it for granted as prices retreated after the announcement. Anyway, in summary the Fed wants inflation and may stand voluntarily behind the curve when it will come. In this kind of situation, gold is the only appropriate hedge. We observed yesterday some bargain hunting’s activity as measured by our buying/selling index during the day although the closing tick closed negative, indicating that market participants were net sellers at the closing bell. Options traders were less agressive than the days before and the bull to bear ratio among private investors is almost neutral.

Very short term oscillator	Negative -
Short term oscillator	Negative -
RVI trend	Negative -
Trend short term (5 days)	Down ​​
Trend mid term (8 days)	Down ​​
Differential of trends	Up
Risk profile	72 (scale of 1 (low risk) to 100 (high risk))