Announcements From The Federal Reserve Starts Spiral of Change In The Markets

GOLD

Yesterday, based on the news coming from the Federal Reserve announcements, Gold traded between $1,636 and $1,671 per ounce. Around 11:15am PT, Gold started to rally to $1,671 on news that the Fed had changed its current policy from being data dependent and would base decisions on creditable forecasts in the future. But, as the trading moved forward to the close the indications were the Federal Reserve was staying with same policy and to expect another interest rate hike in December. Today, Gold continued moving lower, reaching a low of $1,616 per ounce before seeing a few major buyer coming in. At 11am PT today, gold is trading at $1633.04, down $30.96 on excellent volume.

SILVER

As the Fed’s news was released, the price of Silver showed a lot of volatility, moving from $19.18 to $20.19 per ounce, ending the day close to the lows. Today, Silver fell with Gold, breaking below the key $19 support level and reaching $18.82 before finding bargain buying. At 11am PT today, silver is down $0.34, trading at $19.56 per ounce on excellent volume.