The Federal Reserve removed the key word ‘patience’ from the communique, sending the equity and commodities markets higher as the U.S. dollar pulled back. Eric Zuccarelli, independent metals trader on the NYMEX trading floor, tells TheStreet’s Jill Malandrino gold volatility will be around for a while because of all the central bank activity and he expects it to trade range bound around the $1,200 level as we have seen all year. Copper, a commodity that trades more off of supply and fundamentals, may pop to the upside a bit due to supply constraints stemming from a mine strike. Energy supply data continues to show a build in in inventories, and Zuccarelli says storage is going to become a real issue, regardless of what the U.S. dollar does.
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