Gold is holding its own today

GOLD

Gold is holding its own today, briefly dipping below the $1,270 support level this morning but quickly rebounding. Investors and analysts are awaiting today’s release of the minutes from last month’s Federal Open Market Committee (FOMC) July 25-26 meeting. There is mixed sentiment in the market as to which direction Fed policymakers are leaning, primarily with regards to inflation and a timeline for trimming the balance sheet. The minutes are due out at 2pm EDT today. At 11am PDT Gold is trading at $1,277, up $4 on normal volume.

SILVER

Silver is trading in a wide $16.60 to $17.00 range today, also awaiting the FOMC minutes. Silver is fighting to get back above $17 to remain bullish and a close above $17 would be a good sign for Silver. At 11am PDT today, Silver is up $0.24 per ounce, trading at $16.98 on above average volume.