Call me anytime at 800.994.9566 Ahead of the FOMC meeting tomorrow the precious metals were locked in a narrow range. Stocks rallied today and this probably helped to keep a lid on precious metals prices. If inflationary pressures did surface gold could move higher, but seemingly inflationary economic figures over the last weeks haven't done much to support gold. The gold market seems to have factored in the COT numbers from last week, a rate rise tomorrow, and the gold sales from central banks. If something unexpected happens with rates gold could likely charge higher, and don't forget that many small speculative shorts in the market could add to the buying frenzy.
Gold is technically weak as it is below averages and it did settle below support.
However, if you have some gold calls hang onto them until the Fed meets. In the last few days silver was able to garner a small bit of support from bulls but not enough to really excite anyone, and the market has since drifted lower. The 500 area is still providing good support but there also seems to be resistance in the 520 area which is keeping the market range-bound. When silver prices recently dipped below 500 the bulls just couldn't stand on the sidelines, they jumped in to support prices, and they may do the same again if we dip below 500. The 495-500 area has acted as support and a double bottom is in place.