Gold Daily and Silver Weekly Charts - Sharp Metals Rally Off the FOMC Policy Statement

The big news today was the FOMC's decision to set an explicit inflation target of 2% using the PCE indicator. Bernanke expressed some of the reasons for choosing PCE rather than the more popularly watched CPI.

Intraday commentary on the Fed's statement is here.

The metals, which had been depressed ahead of the announcement, took off like a rocket, reaching up to overhead resistance as the