Federal Open Market Committee Minutes Indicate Rate Hikes In 2019

Gold

Gold reached a high of $1,346 yesterday before the January Federal Open Market Committee (FOMC) released the minutes. Those minutes indicated that several of its members favored rate-hikes in 2019. Although, the majority of the members favored a hold on any increases, Gold sold off. The U.S. Dollar index is still trading above 96, which is putting pressure on the Gold price. It will be healthy for Gold to establish a new trading range between $1,320 and $1,350 per ounce for a while. At 11am PT today, Gold is trading at $1,326 per ounce, down $17 on good volume.

SILVER

Silver followed Gold higher yesterday, reaching a high of $16.17 before seeing heavy short-term profit taking and short-selling. Silver tested its $16 level this morning and failed, trading down to $15.80 before finding support and short-covering. At 11am PT today, Silver is down $0.29 per ounce, trading at $15.86 on good volume.