Gold Stuck in Tight Trading Range as Traders Wait for Federal Reserve Statements

GOLD

Gold is stuck in a tight trading range as traders wait for this week’s Federal Reserve statements and news conference, hopefully the last increase in the Fed Funds rate. The U.S. Dollar and 10-Year interest rates are trading lower, which should give Gold a bullish environment. At 11am PT today, Gold is trading at $1,720 per ounce, down $8 on average volume.

SILVER

Silver reached a low this morning of $18.31 before seeing bargain buying, driving the price back over the $18.50 support level. Premiums on many of the popular Silver bullion investment coins and bars remain high as demand is strong. At 11am PT today, Silver is down $0.20 per ounce, trading at $18.50 on light volume.