Although gold pricing closed higher on the day and above yesterday’s open, prices still declined for the week. However, one key element in the trading range created this week was the low.

As far as many precious metal traders are concerned the lack of any mention of an interest rate reduction in yesterday’s FOMC statement or Chairman Powell’s press conference left them feeling that “you can’t always get what you want”.

The May FOMC meeting has concluded today and as anticipated the Federal Reserve has left interest rates alone.