Daily Market Report 3/16/16

GOLD

Gold traded on light volume in a very narrow $9 high/low price range today ($1,227 to $1,236 per ounce) as traders waited for the statement from the U.S. Federal Reserve meeting. I didn’t expect to see any policy change from the Fed, but it’s the tone, content, and wording that analysts and traders look for. After the Fed statement Gold jumped $11 per ounce. I’ll discuss the statement’s content in tomorrow’s blog. At 11:05am PDT today, Gold is trading at $1,240 per ounce, up $10 per ounce on active volume.

SILVER

Silver is also trading in a narrow range waiting for direction after the Fed statement. At 11:05am PDT today, Silver is up $0.08, trading at $15.35 per ounce on active volume.