Gold dropped to three week low after Fed meeting

GOLD

The Gold price dropped to its lowest level in over three weeks ($1,288) this morning after the Federal Reserve meeting yesterday. The Fed put their anticipated policy changes on a bulletin board for all to see and the Bond and precious metal markets overreacted to what the Fed is saying in regard to the expected December rate hike. It is very important that Gold move back above the key $1,300 level by early next week to keep the bullish trend in tact. At 11am PDT today, Gold is trading at $1,293 per ounce, down $12 on strong volume.

SILVER

Silver sold down to $16.82 per ounce in early trading when Gold was brought below the important $1,300 support level. For most of today, Silver was fighting to stay above the $17 per ounce level. At 11am PDT today, Silver is down $0.17 per ounce, trading at $17.01 on good volume.