Gold stuck in a difficult day between $1,750-$1,800

The gold market is stuck in a hard day, with prices trading in a narrow range between $1,750-$1,800 an ounce.

There is no driver strong enough to push gold below $1,750 an ounce or above $1,800 an ounce, there’s certainly an apprehension to sell gold after Jerome Powell’s statements to the press for fear of $1750-$1760.

There are early signs of a growing consensus that gold is closer to the bottom in the short-term, while there’s perhaps another push through today’s low, its unlikely $1750 breaks, but there was no dovish catalyst to get excited and warrant gold up $100 either.

Gold’s trading pattern is still highly dependent on how the U.S. dollar and the U.S. Treasury yields interpret economic growth, inflation, and the Federal Reserve. But there wasn’t anything game changing in this FOMC.

No hawkish surprise from the Fed saw gold walk back all of its daily losses and return towards $1,800 an ounce.