A two-day meeting of the Federal Reserve kicks off today behind closed doors so officials can discuss the state of the economy. The markets and exchange traded funds (ETFs) are poised in wait until Wednesday, when an announcement will be made.

The Federal Reserve Officials are meeting behind closed doors at the Federal Open Market Committee meeting to discuss the state of the economy and where we are headed next. They’re looking to stay out of the limelight in order to dissuade any notion that they’re tightening policy.

Greg Robb for MarketWatch reports that since the recovery is so weak, there’s no reason to change the  posture of the stimulus money or the monetary policy at this stage. If this is true, gold and oil may continue to remain strong as the dollar limps along.

The commodities market has already strengthened as the U.S. dollar has grown softer.

• Brian Baskin for The Wall Street Journal reports that crude oil futures have risen as the weaker dollar has reversed the most recent trends. Light, sweet crude for October delivery traded $1.76, or 2.5%, higher at $71.47 a barrel on the New York Mercantile Exchange.

• Lewa Pardomuon for Reuters reports that gold has rebounded from a one-week low and has regained its edge as the bargain hunters were out.  Gold was quoted at $1,005 per ounce, up $3.30 from the notional close on Monday.

• SPDR Gold Shares (NYSEArca: GLD): up 13.7% year-to-date

• United States Oil (NYSEArca: USO): up 8.3% year-to-date

For more stories about commodities visit our commodity category.

Tags: Commodity ETFs, GLD, Oil, Precious Metals, USO