12.14.2016 ALL EYES ON THE FED!  The much anticipated December FOMC meeting finally arrives tomorrow with 100% of economists polled on Bloomberg anticipating a rate hike.  While the decision tomorrow already seems like a foregone conclusion, activity this week has been muted ahead of it.  Today, the February gold contract had its smallest volume day (137,000 lots) since it became the active Comex futures contract a few weeks ago.  Coin and bar demand in North America is lackluster and the SPDR gold ETF continues to shed ounces, hitting 7 month lows this week.  Barring excessively hawkish commentary from the FOMC tomorrow though, gold has a decent chance to move higher from current levels.  It has lost $150 in the span of 1.5 months and has already priced in the probability of a rate hike.  Tentative support is coming in at $1,150 while psychological resistance at $1,200 is the level to watch overhead.

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