With the FOMC meeting still a week away, the gold and silver markets may have more consolidation ahead.

The UK Parliament approved the Brexit package on Tuesday, but Prime Minister Boris Johnson's attempt to establish a timeline for completion by October 31st failed. However, some EU nations seem amenable to a delay in the implementation. The vote set the market up for a bit more uncertainty and seemed to lend some mild support to gold and silver overnight.

The Fed Fund futures indicate that the trade is betting on a 25 basis-point cut, but recent Fed commentary has been mixed.

The dollar was higher again overnight, but this had little effect on gold.

China's Vice Foreign Minister said there had been some progress on the trade talks with the US. This was the second positive statement out of China's leadership this week.

It would not take much for the gold and silver markets to step out of their ranges, but the moves would probably be relatively small unless there was a big change in the economic outlook.

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