As expected, today, after the November FOMC meeting, both the statement and press conference by Jerome Powell acknowledged that they will begin the process of tapering their monthly asset purchases this month.

The FOMC meeting for November began today and will conclude tomorrow. Most importantly, it will be the statement and following press conference by Chairman Powell that will draw the most attention.

Traders and investors are waiting for two key events this week that will shape the direction and price of gold. The first event will begin tomorrow and conclude on Wednesday when the Federal Reserve convenes and concludes its November FOMC meeting.