Daily Market Report 9/20/16

GOLD

The Gold market price is treading water in a very tight $7 high/low price range all day awaiting tomorrow’s Fed announcement. As we look forward to the next few weeks, tomorrow will be a very important day for precious metal prices. However, I don’t believe that the Federal Reserve report will affect the long term because Gold’s fundamentals are too bullish. At 11am PDT today, Gold is trading at $1,315, up $1 per ounce on normal volume.

SILVER

Silver tested the $19 per ounce level this morning, reaching $19.06 before rallying higher. Tomorrow’s Fed statement will cause increased volatility in the Silver price, and holding above the $19 support level is important. At 11am PDT today, Silver is up $0.02, trading at $19.20 per ounce on average volume.