Gold

The Tax Cuts and Jobs Act bill was approved by the House today, passing 227 to 203. GOP Senate leaders plan to vote on the tax overhaul legislation immediately, where its final passage will be implemented.

Last week gold reached a six-month low when prices on Tuesday drifted to $1238 per ounce, a price not seen since July of this year. This was followed by a $16 uptick the following day, immediately following the release of this month’s FOMC statement.

Gold prices closed higher on the week and higher on the day, this in light of a continued risk-on environment and a stronger U.S. dollar. For the 61^st time this year, the S&P 500 has closed at a new record high. This is in alignment with record high closes in the Dow Jones Industrial Average and the NASDAQ Composite. The U.S.

The ancient Indian parable about the blind men and an elephant succinctly defines how one’s perspective will color the conceptualization of an event. As such, analysts can view the same event in remarkably different ways.

The final FOMC meeting for 2017 concluded today, and as far as gold prices are concerned, it ended with a pop rather than a whimper. Both gold and silver gained a well-needed boost as traders and market participants gleaned today’s statement attempting to gain insight into the current Fed monetary policy model.

Could the 78% retracement level be the technical level in which gold finds a supportive price point, at least on a tentative basis? Gold opened this morning in New York, trading under pressure and then moving intraday to a six-month low.

Gold prices continue to erode as market sentiment continues to favor risk-on investments. U.S. equities continue to gain ground moving to new all-time record highs and leaving the precious yellow metal behind.

As of 3:30 PM Eastern standard time, gold prices remained relatively unchanged with the most active February futures trading down $2.50 to be currently fixed at $1250.60.

Spot gold is currently showing a small net gain of $1.50, currently fixed at $1240.30. Dollar strength has had a negative effect amounting to -$1.60, with buyers bidding up the precious yellow metal by $3.10.

There might be absolutely no direct correlation between the precious metals markets and the digital cryptocurrency Bitcoin. In fact, market participants, traders, and analysts are entirely divided as to whether the current craze in Bitcoin is a bubble or the cryptocurrency will continue to gain value.

Gold prices stabilized in trading today, with gold futures closing fractionally higher and physical gold trading fractionally lower on the day. Despite the fact that gold futures and spot gold closed in different directions, the net change on the day in both markets was fractional, showing signs of price stabilization.