Wed Jan. 25—Comex February gold futures skyrocketed higher Wednesday, as the U.S. Federal Reserve reaffirmed that low rates are here to stay perhaps for years.

That interest rate inferential, of course, is bearish for the U.S. dollar, and weakness in the greenback, in turn supports the yellow metal.

CHART SIGNALS

The overall technical reading on the gold chart remains bullish, and metals traders will want to keep an especially close eye on dollar chart developments in the days ahead. The U.S. dollar index is setting up for a bearish reversal month (though that won't be confirmed until the last trading day in January).

MORE FUEL FOR GOLD BULLS AHEAD

If a bearish monthly rev...