Although gold has come under pressure both this week and this month, its price increase for the first half of 2017 is respectable. In fact, it is on par with gains achieved in both the Dow Jones Industrial Average as well as the Standard & Poor’s 500 this year. Both equity indexes, along with gold, scored roughly 8% gains over the last six months.

On a day which has resulted in increased volatility and lower pricing in U.S. equities, it appears that the only financial instrument gaining value is interest rates. At the same time, we have seen the dollar come under massive pressure over the last three trading days, resulting in an almost 2% decline in value.

Gold is still attempting a recovery from the dramatic price drop on Monday when a single sell order of 1.8 million ounces rattled the markets. Trading fractionally higher over the last two days, gold prices have slowly moved up from the intraday lows of $1236.00 achieved during that single sell order placed at the opening of trading in London on Monday morning.

The U.S. dollar sold off sharply today, specifically against the euro. Losing well over a full percentage point, the dollar index is currently trading at 96.06 (-1.09%). Dollar weakness occurred as a combination of bullish sentiment towards the euro, the postponement of a health care bill vote, and statements made by Federal Reserve Chairwoman Janet Yellen in London.

Hawaii offers a unique time zone to monitor the markets globally. Gold, for example, trades 24 hours a day and closes for the weekend on Friday at 5 o’clock in New York, which corresponds to noon in Honolulu.

For the first time in three weeks, gold prices have stabilized. Although gold closed slightly higher, in essence, flat for the week, this occurrence marks the first time in the last three weeks that gold prices have not closed lower on the week. Gold had been losing value ever since traders were unable to move the price above $1300 per ounce.

Gold futures have settled with moderate gains on the day. The most active August contract closed at $1250.90, up approximately $5.10. This gain occurs immediately following two trading days in which the lows have been at the 200-day moving average, and their respective closing prices were below the 61.8% retracement.

It is undeniable that gold prices have been dropping since the failure to take out $1300 per ounce. Nonetheless, gold succeeded in gaining roughly $85 in value as it traded from $1212 the previous month. A respectable rally came to an end and the question at that point was what percentage would be given back as gold pricing began to decline.

Now in its third consecutive week of lower pricing, gold prices drifted lower again today. The most active futures contract (August 2017) settled $2.40 lower today to close at $1244.30. But I believe it is the intraday low of gold pricing that warrants the greatest amount of attention. Gold traded to an intraday low of $1242.40.

Last week’s FOMC meeting resulted in statements and policies that reflect a robust U.S. economy, which is recovering from a dramatic recession. As such, actions and statements had a much more hawkish tone than previous FOMC policy meetings.