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Commodities Brief – Precious metals cautious ahead of FOMC, silver testing 28.00 level

Gold prices were trading with caution Wednesday, ahead of the FOMC minutes later today, as investors await any clues and direction regarding the US bond buying program. Having built on a recent recovery, the yellow metal was off to another positive day, peaking at the 1588 level, though in recent moments these gains were pared and the price of gold now stands at USD $1584.36 per oz. Ultimately, a breakout in either direction will be postponed until the FOMC, which would explain the relatively narrow consolidation thus far.
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Forex: EUR/GBP climbs through early European session

Having ranged through the overnight session, EUR/GBP has bounced this morning and is within range of the weekly high.
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