Gold should be bullish for a while

With the Fed's quarter-percent rate cut, gold should move upward for the near future. The move likely won't last, because further rate cuts are not expected this year, but it should be good for a short-to-medium-term trade. To sustain its upward move, gold needs to get above the high-volume support node at $68. I will buy a bar close above this level. I've also got buy orders around 59.10, 60.60, and 63.50, in case we see downward oscillation to those support levels.

Remember, gold moves opposite the dollar, and a major objective of the Fed's rate policy this year is to weaken the dollar. Assuming the Fed's tactics are successful, that should strengthen gold.