Today the Fed begins its 2 day meeting. The overall market consensus is that the Fed will continue its quantitative easing program.

Today the Fed begins its 2 day meeting. The overall market consensus is that the Fed will continue its quantitative easing program.  Currently, there are several speculative short positions in the market. If the tapering kick off doesn’t begin at the December meeting, analysts expect to see a short covering rally. The markets are under pressure this morning with AU, AG, PT, PD trading  approximately 1%, 1.6%, .50%, and .40% on the downside respectively. Gold saw some selling pressure yesterday afternoon closing at 1245.50. The yellow metal continues to trade sideways and remain in a bear market with support levels at 1200. Other than traders adjusting their positions before the Fed meeting, it’s a relatively quiet day. Core CPI  for the month of November is .2%. This figure is particularly important for the Fed to analyze during its meeting because it will tell members if inflation is maintained or if it’s something they need to pay closer attention to. Have a great day!