It's Moving Day
Kitco Commentaries | Opinions, Ideas and Markets Talk
Featuring views and opinions written by market professionals, not staff journalists.
At 2 p.m. EDT, the geniuses from the Fed will make their announcement on interest rates. There is no doubt, based on the 94% probability from the Fed funds rate, that they will hike rates today. However, the decision means nothing, as the real news will be the press conference after the decision.
Will the verbiage be dovish, meaning the Fed will remain accommodative, or will it be hawkish, meaning the Fed is going to be more aggressive? No one knows for sure what Chairman Jerome Powell is going to say, but you can bet everyone will be hanging on edge with every word.
Today should be moving day for the metals. They could break down and get in position to test the lows of December or they can hold the support level they are at now and try to test the upper end of the range. One thing we know for sure is they are going to move fast and far, and which way only the shadow knows.
Keep those stops tight