Market Commentary
Gold opened at 1112.50/1113.50 in New York. Good buying early in the session as base metals, energy and equities climbed higher. Neutral housing data was largely ignored and some short covering eventually took us to a high of 1127.50/1128.50.

The metals traded in a tight range in the afternoon as the market awaited the statement from the FOMC. We closed the day at 1122.25/1123.25. We moved a little higher after the close because Federal Reserve officials retained there pledge to keep rates low for an extended period.

Silver once again opened on its low at 17.25/17.28. Good buying early in the day took us to 17.45 where some selling interest was seen. Range trading the rest of the day as the market awaited details from the FOMC. We closed at 17.33/17.36.

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Technical Commentary
Gold has had a strong day moving up to current 1125 level. The unit tried last weeks high of 1128 but it has held so far. Above 1128 we see good resistance at the early March high of 1145. Down side support comes in now at 1099.

Silver has moved higher today closing at 17.36. We are bullish Silver looking for a break of last weeks high of 17.64 leading to a run toward the 2010 high of 18.85. We like the metal due to its 'wave' price behavior to the topside. Our stop loss in Silver is a break below 16.76 the 50% retracement level. Gold Silver ratio has drifted up another 20 points today to current 64.81.

Courtesy: Scotia Mocatta

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