After starting the week with a gap-up opening, gold prices are now back to where they started, despite the Middle East conflict continuing to get messier. Yesterday saw the Israelis blow up a refugee camp where a Hamas commander was hiding.

Of more importance today is the Federal Reserve's interest rate decision and, more importantly, wording from the statement and Fed press conference.

While the gold market has displayed some bullish resiliency throughout October, a lack of incendiary developments in the Middle East and renewed strength in the US dollar initially stalled December gold again around the $2,017.70 level and ultimately prompted a wave of long profit-taking yesterday...[MORE]

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