{"id":18036,"date":"2015-03-20T09:01:09","date_gmt":"2015-03-20T16:01:09","guid":{"rendered":"http:\/\/www.itmtrading.com\/?p=18036"},"modified":"2015-03-24T16:59:13","modified_gmt":"2015-03-24T23:59:13","slug":"a-mark-bullion-update-18","status":"publish","type":"post","link":"https:\/\/www.itmtrading.com\/blog\/a-mark-bullion-update-18\/","title":{"rendered":"A-Mark Bullion Update"},"content":{"rendered":"<p><img loading=\"lazy\" decoding=\"async\" class=\"size-full wp-image-17084 alignright\" src=\"http:\/\/www.itmtrading.com\/blog\/wp-content\/uploads\/2014\/09\/A-Mark-Precious-Metals-Inc.jpg\" alt=\"A-Mark-Precious-Metals-Inc\" width=\"206\" height=\"71\" srcset=\"https:\/\/www.itmtrading.com\/blog\/wp-content\/uploads\/2014\/09\/A-Mark-Precious-Metals-Inc.jpg 206w, https:\/\/www.itmtrading.com\/blog\/wp-content\/uploads\/2014\/09\/A-Mark-Precious-Metals-Inc-60x20.jpg 60w, https:\/\/www.itmtrading.com\/blog\/wp-content\/uploads\/2014\/09\/A-Mark-Precious-Metals-Inc-135x46.jpg 135w\" sizes=\"auto, (max-width: 206px) 100vw, 206px\" \/>Yesterday\u00e2\u20ac\u2122s Federal Open Market Committee release had, yet again, confusing dichotomous language which left market participants unclear on the intended monetary path going forward.\u00c2\u00a0 On one hand, the Fed finally removed from the statement a promise that they would be \u00e2\u20ac\u0153patient\u00e2\u20ac\u009d and said they would consider raising the benchmark rate as early as June.\u00c2\u00a0 If this were the only message, it would have been decidedly bearish for the precious metals.\u00c2\u00a0 Of course there was more commentary to further muddle the picture though.\u00c2\u00a0 The Fed downgraded their quarterly forecasts for economic output and pushed back their expectations about the pace and timing of interest rates increases beyond this year.\u00c2\u00a0 Rates are now expected to reach only 2% by the end of 2016 and ~3.15% in 2017.<\/p>\n<p>The markets ultimately interpreted the Fed meeting as dovish.\u00c2\u00a0 The USD gave up substantial gains against a basket of currencies and the euro shot up over 4%, a huge intraday currency move.\u00c2\u00a0 Gold had been trading on thin volume in a tight range pre-FOMC and then catapulted higher during and after it.\u00c2\u00a0 Gold finished the electronic trading session up about $20 (1.75%).\u00c2\u00a0 While it did have an impressive move, it remains range bound.\u00c2\u00a0 Offers have materialized in the $1,175 area and this now represents a double top from yesterday and today.\u00c2\u00a0 Until this level is decisively broken, it seems like rallies are being faded and sold into by speculative traders.\u00c2\u00a0 Silver has managed to have more of a break out than gold, at least from a technical perspective.\u00c2\u00a0 It tested the $16 handle yesterday and has sustained the move above it with a close above this level today.\u00c2\u00a0 Near term resistance is at the 100 day moving average of $16.45.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Yesterday\u00e2\u20ac\u2122s Federal Open Market Committee release had, yet again, confusing dichotomous language which left market participants unclear on the intended monetary [&hellip;]<\/p>\n","protected":false},"author":6,"featured_media":17083,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"footnotes":""},"categories":[1207],"tags":[53,1422,1406],"class_list":["post-18036","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-blog","tag-federal-reserve","tag-gold-trading","tag-silver-trading"],"acf":[],"_links":{"self":[{"href":"https:\/\/www.itmtrading.com\/blog\/wp-json\/wp\/v2\/posts\/18036","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.itmtrading.com\/blog\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.itmtrading.com\/blog\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.itmtrading.com\/blog\/wp-json\/wp\/v2\/users\/6"}],"replies":[{"embeddable":true,"href":"https:\/\/www.itmtrading.com\/blog\/wp-json\/wp\/v2\/comments?post=18036"}],"version-history":[{"count":1,"href":"https:\/\/www.itmtrading.com\/blog\/wp-json\/wp\/v2\/posts\/18036\/revisions"}],"predecessor-version":[{"id":18037,"href":"https:\/\/www.itmtrading.com\/blog\/wp-json\/wp\/v2\/posts\/18036\/revisions\/18037"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.itmtrading.com\/blog\/wp-json\/wp\/v2\/media\/17083"}],"wp:attachment":[{"href":"https:\/\/www.itmtrading.com\/blog\/wp-json\/wp\/v2\/media?parent=18036"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.itmtrading.com\/blog\/wp-json\/wp\/v2\/categories?post=18036"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.itmtrading.com\/blog\/wp-json\/wp\/v2\/tags?post=18036"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}