📈Precious metals rallies ahead of next week Fed decision
Precious metals are gaining strongly just ahead of next week's Fed decision. Market expectations give a 45% probability of a 50 basis point hike at Wednesday's meeting. Earlier in the market, it was reported that funds increased their allocation in precious metals futures ahead of next week's decision. Although marginally higher core CPI inflation is unlikely to justify a larger cut by the Fed, all the while it cannot be ruled out.
GOLD
Gold is testing the vicinity of $2580 per ounce, which are new historical highs in the gold market. Gold has gained nearly 3% per ounce since yesterday, breaking out of the consolidation between $2480-2530 per ounce. Yields on 10-year U.S. bonds have settled below 3.7%, and contracts on the dollar index (USDIDX) continue to fall below 100.6, following today's rollover.
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SILVER
Silver is above $30 per ounce today and is at its highest since mid-July. Silver has gained nearly 10% in value since the beginning of this week. The next strong resistance is around $31.5 per ounce. 
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