A Fresh Breeze of Reform Blows Through Foggy Bottom

"The very word 'secrecy' is repugnant in a free and open society; and we are as a people inherently and historically opposed to secret societies, to secret oaths, and to secret proceedings... A nation that is afraid to let its people judge the truth and falsehood in an open market is a nation that is afraid of its people."
John F. Kennedy

This is a change for the better, a step in the right direction.

"The way to make government responsible is to hold it accountable. And the way
to make government accountable is to make it transparent so that the American
people can know exactly what decisions are being made, how they're being made,
and whether their interests are being well served.

The directives I am
giving my administration today on how to interpret the Freedom of Information
Act will do just that. For a long time now, there's been too much secrecy in
this city. The old rules said that if there was a defensible argument for not
disclosing something to the American people then, it should not be disclosed.

That era is now over. Starting today, every agency and department should
know that this administration stands on the side not of those who seek to
withhold information but those who seek to make it known."

President
Barack H. Obama

Weekly and Daily Gold Charts

Gold is in a potential breakout formation with a minimum upside measuring objective of 1200. A consolidation here that does not violate 800 to the downside is within the bounds of this formation and will be considered a right shoulder.

Such a correction is not necessary to the formation.





Gold is still in a bull market. There will be corrections, some of them quite challenging. This is the very nature of a bull market, to shake the resolve of the bulls, and continually entice and confound the bears, who struggle to hold their pessimism from one line in the sand to the next.

Some day the bull market in gold will end. But not yet.

SP Futures Hourly Chart at 3:30 PM

The theme for this week is Fed Watch for Wednesday afternoon, and an advance look at 4Q GDP on Friday, with earnings before and after the bell all week.

The bulls are working that bottom formation and it will run if they get the breakout. Notice the failure of a similar pattern about a week ago.

This can go either way. It may not give a clear signal until after the FOMC decision, unless 'something happens.'