Gold futures basis the most active February 2023 contract opened in New York at $1783.30 and traded to a high of $1803.20 just above its 200-day moving average which is currently fixed at $1800.70. The price point of this long-term moving average at least for the short term became a technical level of resistance moving gold back below it.

Market participants are acutely aware of next week’s FOMC meeting which begins on Tuesday, December 13, and concludes the following day. Following the conclusion of the last FOMC meeting of the year, the Federal Reserve will release a statement which will be followed by Chairman Powell’s press conference.

Chairman Powell’s speech on Wednesday, November 30 caused extreme volatility leading to a dynamic price spike that took gold futures to an intraday high of $1817 on Thursday, December 1. On Friday, December 2 gold futures traded to the same intraday high but closed lower on the day at approximately $1809.

Both gold and silver had stellar performances this week. This week the precious metals moved on both the jobs report and chairman Powell’s speech on Wednesday.

Precious metals traders flocked back into gold and silver futures today as the metals exhibited a stellar response to changes in the aggressiveness of the Fed’s monetary policy. Market participants continue to react to Chairman Jerome Powell’s speech at the Brookings Institution in Washington. Traders continue to focus on his remarks to slow the pace of upcoming rate hikes.

Today gold futures are trading solidly higher as market participants react to Chairman Jerome Powell’s speech at the Hutchings Center on Fiscal and Monetary Policy, held at the Brookings Institution in Washington. Market participants focused intently on his remarks which alluded to a dynamic change in the Federal Reserve’s monetary policy.

Gold and silver futures are trading higher as market participants continue to react to multiple events. As of 3:03 PM EST gold futures basis the December contract is currently up $8.60 or 0.49% and fixed at $1748.90.

Today gold futures are trading under pressure as market participants react to multiple events including comments by several Federal Reserve officials, protests in China, Chairman Powell’s upcoming speech, and Friday’s jobs report.

Today the Federal Reserve released the minutes from the November FOMC meeting. The majority of Fed officials agreed that it is better to raise interest rates in smaller increments than the last four rate hikes.

Federal Reserve officials have a wide spectrum of opinions on what to do about inflation that continues to run exceedingly hot. Speaking with CNBC’s Closing Bell, Loretta Mester, Cleveland’s Federal Reserve President said that the pace of rate hikes could be slowed, but inflation figures were not yet convincing enough to stop the hikes entirely.