Greetings!,

During today's press conference held by Federal Reserve chairman Ben Bernanke, two major points were highlighted.

First the Fed chairman said that they will leave their current policy unchanged as they upgraded their view for the economy this year. 

Secondly Bernanke stated that the central bank stands ready to add to its stimulus if necessary. "We remain prepared to do more as needed to make sure that this recovery continues and that inflation stays close to target."   

In a Q&A session after his prepared comments, Bernanke was asked specifically by a reporter if he sees more quantitative easing in the future and the next stimulus package known as QE3. His response was simply that it will be initiated if needed and it is a tool within our arsenal to help the US economy recover.

 As always, wishing you good trading,

       Today's video 

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Proper Action

 GOLD & SILVER :

 Gold: Maintain long in gold @ 1650 avg Stop below 1623 

Silver:  No Position  Long @ 32.46  Stop Hit below 30.52 

MARKET FORECAST

Gary S. Wagner

Gold & Silver:   Today's tepid reaction in gold prices to the Fed Chairman's statement underlines the mixed interpretations of his press conference. On a technical basis gold has, by the skin of its teeth, been able to maintain a price point above critical long-term support. Today's video will look in detail at support levels in both gold and silver. Silver on the other hand did reach critical support and traded on an intraday basis below it. Today's video will also look at current support and resistance areas. 

Gold Chart

 Silver Chart:

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