Gold was trading lethargically yesterday until the US Federal Reserve policy meeting prompted investors to push back their expectations for the timing of a Fed interest rate rise. The Fed specifically mentioned the strength of the USD in its September meeting minutes and equities and gold both shot up. Today, stocks have given up all of yesterday’s gains and the Dow is once again approaching its 200 day moving average at 16,590. The sell off today is in part due to European Central Bank Mario Draghi stating that Europe’s problems are structural, not cyclical, and that without reforms there can be no recovery. The inverse correlation between equities and gold has meant that gold has continued its run higher today. Gold ETF holdings have bled once again though and are at their lowest level since December 2008 at 24.5 million ounces in the SPDR Gold Trust. Gold remains range bound with huge support at $1,180 and resistance overhanging at $1,240.