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Precious metals continue to trade quietly this week as we await word from the FOMC later today on the fate of QE and look for guidance on the path of interest rates. Perhaps equity traders know something the rest of us do not and today’s statement will be dovish as the most recent rally in U.S. equities continued with a flurry yesterday. Crude oil, which has been in the headlines recently, continues to recover from the dip below $80.00 and is trading at $82.50 this morning. A move back above $85.00 would be supportive for gold as it continues to battle with resistance which is building in the mid-$1,230.00s.
U.S. economic data continues to be mixed which made yesterday’s Consumer Confidence Index a big surprise. A reading of 94.50 was much higher than expectations and represented a 7-year high which may give the FOMC just the comfort they need to begin hiking rates sooner than later in 2015. Next week brings us mid-term elections in the U.S. and expectations are growing that the Republican’s will win a majority in the Senate which would give them control of both houses of Congress. This would set the stage for renewed battles with President Obama and the executive branch which could prove to be very bullish for our market.
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