Inquiring minds note the interesting action in gold today following the non-news from the FOMC minutes from June 18 that the Bernanke Fed is not quite ready to tighten.

(See FOMC Minutes and Economic Projections: Dissent in Both Directions; Confused?).

Gold 15 Minute Chart

click on chart for sharper image

Gold Correction Over?

I wonder why anyone thought the Fed was really going to tighten in the first place. Regardless, here’s the key question: Does the non-news that the Fed is not really serious about tightening mark the end of the gold correction?

Unfortunately, I cannot answer that (and no one else can either).

However, I do expect extremely negative sentiment regarding gold to bottom at any time, and perhaps this is the time.

Mike “Mish” Shedlock