With the Federal Open Market Committee (FOMC) stating that they are going to keep US interest rates at a low level and continue quantitative easing, the dollar is under fire today. It has slipped against the six major currency pairs and gold is taking up the slack. In the meantime, gold has pared back some of its early week losses and is currently trading at $953/oz, up from a low of $941/oz yesterday. The US dollar Index has fallen to 78.69 and the next level of support is 77.50 and then 76.0. Should the dollar fall below 76.0 we could see a further dollar decline back to the record low of 71.33 in April 2008. However, we could see another dollar rally prior to a further decline in its value.
Silver has also rebounded and is already up $0.21/oz this morning. It is currently trading at $14.74/oz.
Platinum Group Metals
Platinum is currently trading at $1,257/oz, palladium has moved up slightly to $270/oz and rhodium is $1,625/1,725/oz.