Speaking on ABC’s “This Week” on Sunday U.S. Treasury Secretary Janet Yellen said that negotiations in regards to raising or suspending the debt ceiling should not take place “with a gun to the head of the American people”.

Today the U.S. Labor Department released the nonfarm payroll jobs report which revealed that the labor market is robust as well as resilient considering the massive campaign by the Federal Reserve to slow the economy by raising rates to over 5% in just over a year.

Gold futures have traded almost $100 higher from Tuesday’s open to today’s intraday high. Gold opened at approximately $1990 on Tuesday and closed at approximately $2022 after factoring in a daily gain of over $30. Yesterday gold had a moderate gain moving the most active June contract to an intraday high of $2049 and closing at approximately $2037.

The Federal Reserve concluded this month’s FOMC meeting and as expected the Fed raised its terminal rate by ¼%. This takes the Fed benchmark rate to between 5% and 5 ¼%. Most importantly, after 10 consecutive rate hikes the Fed signaled that they may finally enact a pause of further rate increases at the next FOMC meeting in June.

With the FOMC meeting to conclude tomorrow the Federal Reserve will most likely announce a ¼% rate hike and attention has shifted away from the Fed as market participants focus on other potential calamities within the financial markets.

In a letter to House Speaker Kevin McCarthy as well as other bipartisan leaders Treasury Secretary Janet Yellen said that the United States could breach its debt ceiling as soon as June 1.

The BEA (Bureau of Economic Analysis) released the Personal Consumption Expenditures (PCE) for March indicating that inflation remains elevated but its advance is slowing down on a month-over-month and year-over-year basis.

Debt ceiling bills, GDP, and upcoming inflation reports have dominated the news cycle but have had little to no solid impact on the price of gold futures. Gold futures basis the most active June contract remains range bound with a solid level of technical support found just above $1980 and solid technical resistance just below $2029.

Over the next two days market participants, analysts, and members of the Federal Reserve will get the latest information on the state of our economy and the current level of inflation. At 8:30 AM EST, the BEA (U.S. Bureau of Economic Analysis) will release the advanced estimate for the 1st Quarter Gross Domestic Product (GDP).

In a prepared speech to the Sacramento Metropolitan Chamber of Commerce today, U.S. Treasury Secretary Janet Yellen warned of the potential for severe economic consequences if the House does not address and raise the debt ceiling.