It was the day after Christmas and all through the exchange, gold traders were not silent as they looked at their gains.

As traders and investors returned to their desks after the extended three-day weekend, they witnessed both gold and silver continuing the dynamic rally which began on December 12th when gold bounced off lows of $1238.

Immediately following the passage of the tax reform bill, gold prices showed solid support and continued to move farther away from the lows witnessed last week. Beginning on Wednesday of last week, in response to the FOMC meeting statement released by the Federal Reserve, gold prices moved sharply off of the six-month low at $1238 per ounce.

Trading activity has been slowing down all week, and volume continues to diminish. Many traders and investors across country borders are preparing for the upcoming three-day holiday weekend. Yes, it’s beginning to feel a lot like Christmas.

Gold prices have seen moderate gains on the day, adding to the recent gains over this last week. Gold values have increased by approximately $30 over this last week, given that the lows exhibited on Tuesday took pricing to $1238 per ounce.

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.