This morning gold pricing opened under pressure immediately trading to its lowest price point today at $1387.50. By 11:00 AM EDT gold prices had risen slightly above $1400 per ounce as it hit the intraday high today of $1402.40 and as of 5:00 PM EDT gold futures basis the most active August contract fixed at $1399.60, which is a net decline of $0.40 on the day.

Market participants, traders and investors are anxiously awaiting this week’s testimony to Congress by the Chairman of the Federal Reserve, Jerome Powell. This is possibly the most important event to take place this week in regards to the future direction of gold.

If you ever questioned whether or not market participants, investors and traders have factored in the belief that the Federal Reserve will cut the current Fed funds rate at this month’s FOMC meeting, question no more. Today you received a strong confirmation that they had.

Gold pricing has benefited from recent geopolitical and economic events and has gained just over $160 per ounce since the beginning of this year. In fact, gold has gained just over 11% in 2019* (* a correction from yesterday in which I stated that gold had gained 8.8% year to date).

After selling off and gaping lower on the open in Australia forty-eight hours ago and trading to a low of $1385, gold quickly recovered with today’s dramatic gain of $27. As of 4:19 PM EDT, gold futures basis the most active August contract is currently fixed at $1417.10 which is a net gain of $27.80 on the day. This amounts to a 2% gain in gold pricing in a single day.

Gold prices plunged immediately upon opening Monday morning in Australia. This in response to a perceived favorable outcome of the one-on-one talks between presidents Trump and Xi Jinping at the G 20 meetings held in Osaka Japan. The keyword was “truce”, with both sides agreeing not to invoke further escalation of the trade war between our two superpowers.

As traders and market participants await news from Saturday’s one-on-one meeting between President Donald Trump and Chinese President Xi Jinping, the precious metals markets are so quiet that you can hear a pin drop.

As the two presidents of the United States and China prepare for their one on one talks at the G-20 meeting later on Saturday in Osaka Japan, it seems both sides have begun to posture their negotiations with a war of words emerging from both camps.

After reaching a new high for 2019 yesterday gold prices have retreated as traders and investors take profits and await any news from the upcoming G-20 meeting. Gold futures basis the most active August contract traded to a high above $1440 yesterday before trading lower and closing fractionally lower on the day.

Gold futures once again have traded to a higher high, higher low and higher close than the previous day. As of 4:30 PM EDT the most active August futures contract is currently fixed at $1426.20, which is a net gain of $8.00 on the day.