Gold had a good day today, rising $19.00 per ounce. However, Gold is still trading in a rather tight range, a range that I have been writing about for the past few weeks.
Like gold, silver also had a good day today rising 56 cents per ounce. And as with gold, silver is still trading within a very tight range.
GDX, the miners, are pushing against the upper Bollinger Band and the stochastic is decisively positive.
So what makes this a "MAKE OR BREAK WEEK" in the precious metals markets?
source:wikimedia commons
The Federal Reserve is holding its meeting to determine policy on Tuesday and Wednesday of this week.
Yep it is that time of the year again for another Federal Reserve Meeting!
So we can expect some fireworks on Wednesday.
Just remember from tight ranges, and we have a tight range, come BIG moves.
The trick is, as always, to determine which way that move will be, either up or down.
I remain cautious until the market reveals which way the move shall be.
Peace out and stack on!