The gold futures contract lost 0.05% on Wednesday, as it extended its short-term consolidation above the price level of $1,700. Gold has been breaking slightly above $1,750 mark recently. But
it came back closer to $1,700 on Monday.
Last Wednesday’s FOMC Statement came out as a short-term game-changer. Stock prices reversed lower and gold spiked higher. However, it is still trading within a medium-term consolidation, as we can see on the daily chart:
Gold is trading 0.3% lower this morning following an overnight advance.
What about the other precious metals?
Silver gained 0.7% on Wednesday. Today, it is 0.5% lower.
Platinum lost 0.68%. Today, it is 0.9% lower.
Palladium lost 0.89% yesterday. Today, it is trading 0.5% lower.
So precious metals continue to trade within a short-term consolidation.
Yesterday’s U.S. building permits and housing starts releases have been mixed. And Fed Chair Jerome Powell’s testimony haven’t been much of a market mover.