Traders Await Direction From Federal Reserve Meeting

GOLD

Gold is trading today in a tight $7 high/low range, from $1,461 to $1,468 on light volume. The traders are awaiting direction from tomorrow's Federal Reserve meeting and press conference. Recent U.S. economic indicators are leading traders to think there will be no change in recent policies and interest rates will be left unchanged. At 11am PT today, Gold is trading at $1,465, up $5 per ounce on average volume.

SILVER

After testing support earlier this morning in Asian markets and reaching a low of $16.55 per ounce, Silver rallied back on bargain buying. At 11am PT today, Silver is trading at $16.67 per ounce, up $0.07 on normal volume.