With all eyes on Wednesday's Fed statement, gold traders continue to play the range. The choppy trading in bullion has continued, marked by $10 to $15 swings. December gold futures reached a new low for this week at $1,338.30 on Tuesday night, but on Wednesday morning, the market has rallied back sharply, approaching $1,360.
The Fed is not expected to announce any adjustment in bond purchases in its Wednesday statement. But we will still get some insight about the health of the economy, and the Fed's plan.