The all important Fed meeting is tomorrow at 2 PM. The market is giving a 95% probability of a rate increase to between 50 and 75 basis points. A rate hike has been baked in the cake for several weeks now. A press conference follows at 2:30 and Yellen’s comment regarding further rate increases in 2017 will be closely monitored.

Gold prices have been oversold for weeks, and a move higher is overdue. I may begin to enter positions before the market close if gold looks poised to close above $1,180.

There could be wild swings in either direction just after the announcement. Markets will be surprised if they decide not to raise or increase more than anticipated. We usually see prices stabilize, and a trend is established about an hour after the announcement.

-US DOLLAR- The dollar hasn’t closed above the trendline to confirm the cycle low, and prices made a bearish engulfing pattern yesterday. If the Bulls can’t get prices above the trendline by week’s end, we could see a drop back to around the 99.00 level.

(Click on image to enlarge)

-JAPANESE YEN- A close above the 10-day EMA will be the first sign of a potential bottom in the Japanese Yen.

(Click on image to enlarge)

-TLT- Prices are still holding the green trendline. Fridays 116.88 low could mark a bottom if prices can trade back above the 10-day EMA.

(Click on image to enlarge)

-GOLD- A sharp close above the upper trendline will indicate a bottom. The price behavior after tomorrow’s Fed announcement will be enlightening.

(Click on image to enlarge)

-SILVER- Silver prices need a decisive breakout through the $18.00 level to confirm that we have reached a lasting bottom. Prices made a bullish engulfing pattern on Monday, potentially telegraphing an upswing tomorrow.

(Click on image to enlarge)

-GDX- Prices are still consolidating, and we need a solid breakout from the triangle pattern to set the near-term direction.

(Click on image to enlarge)

-GDXJ- Prices tested the lower boundary of the triangle again but managed to close above it.

(Click on image to enlarge)

-SPY- The trend stretches higher. I’m curious to see how the market reacts to Yellen’s comments after the meeting.

(Click on image to enlarge)

-WTIC- Oil prices gapped up Monday through the trendline and have held above it so far. Consecutive closes back below it will mark an interim high, and a correction will begin.

(Click on image to enlarge)