Over the last three consecutive weeks, gold has closed on Friday below the opening price on Monday. Even though there is still one more trading day this week, it seems probable that tomorrow’s closing price will be below Monday’s opening price.

Is this the quiet before the storm or the quiet before the quiet? Gold is trading in a narrow and defined trading range. Only eight dollars separates the intraday low and intraday high for today’s trading range. Currently gold futures, basis the most active April contract, is trading -$1.40 lower and fixed at $1,325.70.

Although not a fall from grace, the U.S. dollar lost further ground today in response to the departure of the U.S. Secretary of State Rex Tillerson, as well as the CPI data report. Now for the third consecutive day, the U.S. dollar has traded under pressure to close lower on the day, as well as containing a lower low and lower high than the previous session.

Selling pressure in gold, as well as a strong U.S. dollar, have canceled each other out to leave gold unchanged on the day. As of 3:30 PM Eastern standard time, April gold futures are currently unchanged and trading at $1,324 per ounce.

One of the more famous catchphrases from the 1960s sitcom ‘Get Smart’ was “Missed it by that much.” Holding up a thumb and forefinger to demonstrate an extremely small space, Maxwell Smart (Agent 86) would use this phrase to describe his failure.

Missed It by THAT Much

Saddle up and hold on to your 10-gallon hat. There is a new tariff in town, and he’s not afraid of a little trade war. As expected, this afternoon President Trump made good on his pledge to implement strong tariffs on both steel and aluminum.

The continuation of yesterday’s strong upside move in gold was short-lived with today’s price decline erasing much of Tuesday’s $17 gain.

Gold is trading under strong pressure today in reaction to the robust ADP jobs report and the release of the Federal Reserve’s Beige Book. As of 5:00 PM Eastern standard time, gold futures are currently down -$8.90 at $1326.30.

Renewed concerns about a potential trade war as a direct result of proposed tariffs on steel and aluminum has resulted in both a lower U.S. dollar as well as buyers accumulating gold. Gold futures are currently trading up $15.50 at $1335.40.

Selling pressure continues to move gold lower, with a stronger U.S. dollar adding slightly to the mix today. As of 4:00 PM Eastern standard time, spot gold is trading $3.80 lower on the day and currently priced at $318.80 per ounce. Of today’s moderate decline, the vast majority is a direct result of traders bidding down the precious yellow metal.

This has been yet another week in which events transpired that profoundly influenced the financial landscape. It seems as though volatility and uncertainty have become intrinsic outcomes of statements recently made by those that run our country.