It looks like we are at a good point to short sell gold. The weak rally of gold prices over the last three days seems to be stalling close to a resistance area around $1240 - $1250 and directional momentum is still strongly bearish. A good stop loss for this trade would be around $1250. I am going to avoid trading silver for now as its movements can sometimes be very volatile and not suitable for tight short-term trading, which is what we are doing here. Opening short positions in gold today.
I will comment on today's Federal Reserve statement later this evening. I am maintaining my short positions in the broad stock market today.