Gold Awaiting News From Federal Reserve

GOLD

Gold traded today in a tight $8 High/Low trading range, from $1,786 to $1,794 per ounce. The Gold price should get direction from this week’s Federal Reserve meeting's statements. Analysts feel that the Fed will announce the start of its tapering, but it’s the specific timing that will directly affect the markets. At 11am PT today, Gold is trading at $1,791 per ounce, down $6 on good volume.

SILVER

Silver broke down below the key $24 per ounce level this morning and traders sold into the weakness, driving the price down to $23.36 before seeing bargain buying and short covering. At 11am PT today, Silver is down $0.55 per ounce, trading at $23.58 on excellent volume.