The September FOMC begins today and, while no news is scheduled until tomorrow, there's still plenty to discuss as the markets prepare for the Fedlines and Jerry's presser.
Today has begun rather quietly, however. The precious metals rallied overnight on a weaker POSX but then, of course, began to fall as soon as the Comex opened. (5:20 and 5:25 PT on the charts below.) As you can see below, CDS actually got to $23.70 but now, as if by magic, it has returned to that same $23.50 level that has acted as a focus of resistance since late last week....
