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Precious metals traded on heavy volume last week, as prices continued moving lower in reaction to hawkish comments from FOMC members and stimulus programs abroad which continue to strengthen the USD.
The hawkish tone of the FOMC press release along with confirmation that QE was not going to be extended brought about the expected reaction in precious metals on Wednesday afternoon as the market sold off.
Precious metals continue to trade quietly this week as we await word from the FOMC later today on the fate of QE and look for guidance on the path of interest rates.
Precious metals have begun the week on a quiet note with gold and silver probing lower while platinum and palladium do the opposite, trading above Friday’s settlements.
Precious metals are being dominated by technical factors at the moment as geopolitical events and economic data are being discounted by market participants that are happy to "trade the range."
Precious metals opened the trading week yesterday via the electronic trading platform on the defensive as the first move was lower.
For many the closing bell this week will be a welcome relief as extreme volatility in equities, bonds and energy products have all market participants wondering if we have seen the lows.
Precious metals had a rather quiet Monday and Tuesday as the tug of war continues between U.S. equity weakness, lower bond yields, very weak German economic data, a strong USD and the collapse of energy prices led by the fall in crude oil.
Precious metals began the week yesterday with a move higher on the electronic trading platform, as gold and silver were both bought aggressively.
The dovish tone of the FOMC minutes brought about the expected reactions in all markets this week, driven by the growing concerns of voting members over the strength of the USD and its negative implications for economic growth.