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.

Market participants are waiting for the release of the minutes from the November FOMC meeting which will occur on Wednesday. The minutes will most likely be the most important financial report released during this shortened holiday week. The Thanksgiving holiday is celebrated in both the United States and Canada.

The Merriam-Webster dictionary defines sentiment as, “an attitude, thought, or judgment prompted by feeling: predilection.: a specific view or notion: opinion.: emotion.: refined feeling: delicate sensibility especially as expressed in a work of art.: emotional idealism.”

This has been a most interesting year for investors and traders who have been active in gold. There have been two completed trends that contained both a multi-month rally and a multi-month correction. During the first week of January gold was already in rally mode, and opened at $1827 on the first day of trading, January 3.

Gold has shifted gears from extended rallies followed by a multi-month correction to its current almost parabolic upside move. This move began during the first week of November and continues to this day. In fact, we are getting the first indications that the extended correction at least for now has concluded and a new stage has begun.