The Fed is fighting hard to keep the stock rally rising. Not only is there an FOMC meeting Wednesday but also options expiration on Friday. I think the Fed is going to be very determined to make sure the market goes back up this week.
Gold is reacting with a knee jerk reaction down as stocks rise. This may continue over the course of the week if the Fed succeeds in driving the stock market back to new highs. This would also provide cover for another manipulation event in the metals. So just to be on the safe side I'm going to book profits on 75% of our metal positions today and then wait to see what happens as we move into the FOMC statement on Wednesday.
That statement always seems to be a good excuse to hit the metals and if they can force gold down today and tomorrow I don't want to have a heavy metal position on right before that statement is released.
Exiting 75% of each position: