FOMC meeting negatively effecting price of Gold<br />Daily Market Report 5/3/17

GOLD

Today’s Federal Open Market Committee meeting is negatively effecting the price of Gold. Gold hit a low of $1,245.20 this morning before finding support. Analysts believe the Fed may give an indication that they are considering increasing interest rates in June. That would have a negative effect on the Gold price. If the Fed doesn’t give that indication Gold should move back above the important $1,250 per ounce level quickly. At 11am PDT today, Gold is trading at $1,249 per ounce, down $7 on good volume.

SILVER

In early trading Silver reached a low of $16.50 after Gold broke below the $1,250 support level. Recently, Silver is showing far more price volatility than Gold. At 11am PDT today, Silver is down $0.21 per ounce, trading at $16.61 on excellent volume.