Today at the conclusion of this month’s FOMC meeting, the highly anticipated rate cut was announced and implemented. The Federal Reserve cut their Fed funds rates by a ¼% (25 basis points) to take the current spread to 175 bps. (1 ¾%) to 200 bps (2%).

Gold futures now for the second day in a row have traded lower. Today the December futures contract closed down $5.90 (-0.39) and is currently fixed at $1489.90.

After trading to a high of $1520.90 on Friday and closing just a few dollars above $1500, gold futures opened just above the resistance trendline created from the series of lower highs, and closed solidly lower breaking below $1500.