Of course! In the rubrics found in the missal (I’ll use the Roman Canon, Eucharistic Prayer I but the directions are the same) we find that before the words of consecration the direction to the priest says “He bows slightly.” then says the words of consecration after which “He shows the consecrated host to the people, places it on the paten, and genuflects in adoration.” For the chalice he is to lift is before the words of consecration, then after the consecration “[h]e shows the chalice to the people…” There is nothing that indicates the host or the chalice is to remain elevated (although it usually is simply because it was elevated in the beginning of the action). However, all that is necessary for the confection of the Eucharist is that we have a validly ordained priest with the right intention, the right matter, the right words and the right context. There is nothing that says he must be holding the host/chalice at the times the words are said.
Deacon Ed
Thank you.
Something intersting that I found though, the new translation of the Mass that I found on the USCCB website states the following in all Eucharistic Prayers.
Rubrics in red
On the day before he was to suffer
Code:
The Priest takes the bread and,
holding it slightly raised above the altar, continues:
he took bread in his holy and venerable hands,
and with eyes raised to heaven
to you, O God, his almighty Father,
giving you thanks he said the blessing,
broke the bread
and gave it to his disciples, saying:
TAKE THIS, ALL OF YOU, AND EAT OF IT,
FOR THIS IS MY BODY,
WHICH WILL BE GIVEN UP FOR YOU.
Code:
He shows the consecrated host to the people, places it again on the paten, and genuflects
in adoration.
Taken from Eucharistic Prayer I, page 20 in the folowing pdf. (page numbering shows it as 18).
usccb.org/liturgy/missalformation/OrdoMissaeWhiteBook.pdf
So what looks like happened, is holding the Host/Chalice used to be required, and soon will be required again. And it is not clear if that requirement was ever actually removed, or rather just understood as the “norms” of the Liturgy of the Eucharist.