Gold in narrow range awaiting Fed announcement

GOLD

Today, Gold is trading in a narrow $10 high/low range, between $1,318 and $1,308, awaiting tomorrow’s Fed announcement on interest rates. The market is expecting a ¼ point increase and the possibility of 2 more ¼ point increases this year. At 11am PDT today, Gold is down $5, trading at $1,313 per ounce on average volume.

SILVER

Silver reached a low of $16.08 this morning, and quickly rallied back to $16.20 on excellent demand. Depending on tomorrow’s Fed announcement and press conference, Silver could test the $16 per ounce support level. At 11am PDT today, Silver is trading at $16.20 per ounce, down $0.14 on active volume.