Wednesday Is All About The FED
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(Kitco News) - Today is all about the Fed and the FOMC meeting. At 2:00 p.m. EST the statement will be delivered and dissected for clues about what the geniuses will do next to screw up the economy. Today, there will be a statement, only with no news conference, which may give markets direction.
The speed readers of the statement will be looking for key words or phrases that will guide them into the next trade. Gold looks to be selling off from resistance and the range is solid $1,220-$1,260. The dollar remains weak and gold has not reacted as well considering the weak dollar.