Gold Pops $14 Following Fed Announcement

Joel Elconin is the co-host of Benzinga's #PreMarket Prep, a daily trading idea radio show. Gold futures were trading higher by $5.40 at $1186.30 in Wednesday's session. It had been trading near the lows for the session preceding the Fed's announcement to leave interest rates unchanged. It initially headed for the low of the session ($1173.90), but found buyers ahead of that level, reaching $1174.20 before staging over a $10 rally. The rally ended in a familiar area, topping out between Monday ($1190.20) and Tuesday ($1187.40) highs, reaching $1188.80 before retreating to its current level. Over the last seven trading sessions (including today), it has been confined to a narrow trading range between $1171.80 and $1191.80. It hasn't closed above the psychological technical level of $1200, since May 22, when it ended the session at $1204.90. The SPDR Gold Trust (ETF) GLD closed at $113.85, up $0.53 (0.47 percent). The Market Vectors Gold Miners ETF GDX closed at $18.86, up $0.53 (2.8 percent).