The Fed raised as expected and forecasted three rate hike in 2017. For the record, they forecasted 4-hikes in 2016 and only increased once.

Gold traded down to $1,150 after the announcement and is bouncing but not convincingly. I won’t feel comfortable going long gold futures until prices close above the 10-day EMA ($1,175). Silver needs to trade above $17.30 to keep the momentum building from the $16.15 low.

I’m not seeing strong buying coming in after the news; we may continue to trade lower to sideways. I’ll update again after the close if metals and miners reverse strongly from the afternoon lows. As it stands, miners look poised to make new lows in the coming weeks breaking lower from their triangle formations.

-GDX- If GDX closes the day below $20.70, it will complete a bearish engulfing pattern and prices will probably break lower from of the triangle pattern.

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-GDXJ- A close below the lower boundary of the triangle will confirm a breakdown and prices will drop below $32.80.

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