Spot gold was off its session highs on Wednesday after a strong jobs report. The yellow metal still traded about $5 higher to $1,343/oz.
We're seeing the telltale signs of a consolidation pattern: The precious metals are pushed lower overnight only to rebound back to where they started the next morning.
Accordingly, the silver price was up 9¢ (+0.55%) yet traded back at yesterday's levels near $17.20/oz.
Platinum gained $6 (+0.6%) to $1,000/oz but palladium slid to $1,040/oz, its lowest in over a month.
This morning's ADP employment report roundly beat expectations. The data showed 234,000 jobs were added in January compared to forecasts of just 186,000.
An even clearer picture of the employment situation comes with Friday's nonfarm payrolls from the Department of Labor.
Stocks in the U.S. are coming off of a massive two-day slide. The Dow Jones Industrials lost more than 300 points on Tuesday and shed about 540 points in the first two days of this week.
Nonetheless, the blue-chip index surged 250 points higher at the opening bell.
Markets have largely shrugged off strong economic data of late and focused more on dollar weakness. The DXY index was down 0.35% to 88.86 on Wednesday, another three-year low.
By many indicators, this could signal the beginning of the end of the current nine-year bull market for equities.
According to Bloomberg, it's only seven months away from being the longest bull market in history.
Even more telling, stock indices in the U.S. have reached new all-time highs on an average of once every four days. This rate is unheard of.
The global bond market got a boost from the Bank of Japan, which stepped up its quantitative easing measures. The yield on 10-year Treasurys fell two basis points to 2.70%.
Meanwhile, crude oil fell on Wednesday despite the weaker dollar. WTI crude lost 0.5% to about $64.20/bbl.
The cryptocurrency market tumbled again after Facebook decided to ban advertisements for initial coin offerings (ICOs) and anything related to cryptos. The popular social media site has deemed too many of these ads to be misleading or downright predatory.
Today's FOMC announcement will come this afternoon at 2 pm EST. The Fed will bid farewell to outgoing Chair Janet Yellen—also known by critics as "Interplanet Janet."
Even as multiple interest-rate hikes are anticipated this year, the dollar continues to lose ground against its major peers. The euro rose 0.4% to $1.245.
Shares in Europe were flat. In Asia, benchmark indices were solidly in the green everywhere except for Japan.
The opinions and forecasts herein are provided solely for informational purposes, and should not be used or construed as an offer, solicitation, or recommendation to buy or sell any product.