Gold Trading in Thin Range While Awaiting Federal Reserve Announcement

GOLD

Gold is trading today in a thin $10 High/Low range between $1,782 and $1,792 while it awaits direction tomorrow and Wednesday. The November consumer price index will be released on Tuesday, and Fed policymakers meet Tuesday and Wednesday, with the rate decision due on Wednesday. At 11am PT today, Gold is trading at $1,780 per ounce, down $18 on average volume.

SILVER

As Gold sold off in early trading today, Silver tested its $23 per ounce support level, reaching a low of $23.09. After Silver’s recent sharp increase, it’s important to stay above the key support levels, building a firm base. At 11am PT today, Silver is down $0.30 per ounce, trading at $23.20 on normal volume.