Daily Market Report 9/17/13

GOLD

Today Gold has traded in a very tight range while waiting on tomorrow’s news from the FOMC meeting. The concern is that if the Federal Reserve tapers its monthly bond buying by more than $10 or $15 billion it would be negative for Gold.

At 11am PDT today, Gold is trading at $1,311 per ounce, down $7 per ounce on average volume.

SILVER

Silver couldn’t hold the $22 per ounce support level in late trading yesterday and this morning. Silver did rally above $22 this morning, but couldn’t hold as traders wait for the Fed decision tomorrow.

At 11am PDT today, Silver is down $0.18 per ounce, trading at $21.82 per ounce on light volume.