Federal Reserve Announcement Causes Gold To Jump

GOLD

A stronger then expected ADP jobs increase in October helped Gold rally to a high of $1,660. Since that high, the Gold price has sold-off awaiting the Federal Reserve’s announcement. The Fed just announced, as expected, a ¾ of one percent increase. But, the wording was more dovish than expected and the Gold price quickly jumped $14 per ounce to $1,664. At 11:05 PT today, Gold is trading at $1,664 per ounce, up $19 on strong volume.

SILVER

In early trading Silver tested the key $20 per ounce resistance level, reaching a high of $19.96 before selling-off. Silver moved higher after the Fed’s dovish statement and quickly rallied to $19.90. At 11:05 am PT today, Silver is up $0.25, trading at $19.90 on excellent volume.