We end the week in gold within a couple of dollars of where we began. It was a defensive week for gold bulls and the battle ended up a draw as there was plenty of probing to see where support and resistance would establish themselves.

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Wishing you as always, good trading,

Yesterday we laid out a number of events or releases of news that we thought could move gold. Well, lo and behold, we got one today. We said yesterday, "A good or bad word from a maverick member of the Fed..." might be one of those forces.

The centipede has a hundred feet, give or take. When shoes start dropping, well, everything goes crazy in centipede land.

Fundamental players in gold trading are waiting for any one of dozens of shoes to drop, although right now, all footwear seems to be remaining firmly in place.

Remember 1992? Clinton elected; the senior Bush was ending his term of office. The Millennial Generation newborns (now in their 20s and 30s) were in the midst of their own particular baby boom. Yugoslavia began to break up. Russia and the U.S. stopped targeting each other's cities with nukes.

And, housing was booming, despite a recession.

Summer is a time of doldrums, as we've noted since the inception of The Gold Forecast. One never knows when traders are going to lie back against the haystack with a blade of straw in their teeth and snooze away a day. Especially Fridays and Mondays, the days that the trading herd uses to extend its weekends.

Fundamentally speaking, it's a good sign that gold prices were trimmed only a bit today. Even better - silver kept rising.

It means there is faith in the precious metals and traders and investors are trying to clarify whether there is a longer-term bull charging or if, as we say in today's title, it is a lonely little bull.

Fundamentally speaking, it's a good sign that gold prices were trimmed only a bit today. Even better - silver kept rising.

It means there is faith in the precious metals and traders and investors are trying to clarify whether there is a longer-term bull charging or if, as we say in today's title, it is a lonely little bull.

As many parents are fond of saying: "How many times do I have to tell you?"

It seems the Fed's moderating tone, which was missed by many analysts on the first pass, promised longer-term low interest rates, which makes sense on many levels.

The FOMC meeting which began yesterday has concluded. Information from this last meeting is just surfacing. According to new sources the Federal Reserve raised its forecast target benchmark interest rates for the next two years. Minutes released also issued caution in its growth forecast 2014.