Federal Reserve Announcement Causes Gold & The Dow To Fall

GOLD

The blog is a little late today, as I was waiting for the Federal Reserve’s policy announcement. Gold traded in a tight $10 High/Low range in overnight sessions between $1,852 and $1,862. The Federal Reserve policy announcement stated that they believe it is more likely they will raise rates next year. That statement caused Gold to immediately drop $15 and the Dow to drop 400 points. At 11:10am PT today, Gold is trading at $1,846 per ounce, down $11 on heavy volume.

SILVER

Silver is showing excellent price support above the key $27.50 level as we rolled into U.S. trading today. Silver dropped with Gold after the Federal Reserve’s announcement. At 11:10am PT today, Silver is down $0.10 per ounce, trading at $27.52 on excellent volume.