Gold Rallies $28 After Fed Announcement

GOLD

Gold rallied $28 today, after the Federal Reserve indicated late yesterday it would be patient on raising interest rates. But the Fed will start trimming its massive bond-buying program this month. Also, the Bank of England defied expectations and put a hold on raising interest for the near term. At 11am PT today, Gold is trading at $1,797, up $29 on excellent volume.

SILVER

Silver reached a low of $22.96 in early trading yesterday, then the Fed’s announcement caused Silver to jump $1.00 in today’s trading. $24 still remains the key resistance level right now. At 11am PT today, Silver is up $0.58 per ounce, trading at $23.90 on good volume.