Two currents were pushing gold prices around today.
The first, and most important for us in the long term is that a raft of data from the U.S. economy came in shaky at best. Consumer sentiment, housing and manufacturing declines sent red flags flying, raising concerns that the world’s biggest economy is losing momentum in the final few months of 2014.
Gold prices ended the U.S. day session steady to slightly lower in quiet, pre-holiday trading Wednesday. A dearth of bullish fundamental news recently and a bearish chart posture are keeping gold prices on the defensive. Some chart consolidation is also evident this week. February Comex gold was last up $0.40 at $1,198.20 an ounce. Spot gold was last down $3.10 at $1,198.50. March Comex silver last traded down $0.016 at $16.595 an ounce.