On Monday, August 8 gold futures opened at $1790 and by the close of trading had broken and closed above its 50-day moving average and closed at $1805 per ounce. Throughout the remainder of the week, December gold futures closed above $1800 on a daily chart.

As of 3:55 Pm EDT gold futures basis, the most active December contract is currently fixed at $1800.90 per ounce after factoring in today’s decline of just over $12 or 0.66%. Unlike other days the dollar is not contributing to the net change of gold. Currently, the dollar index is in essence unchanged up 0.01% and fixed at 105.090.

The Bureau of Labor Statistics released the Consumer Price Index for July indicating that inflation came in below forecasts by economists polled by Reuters and the Wall Street Journal. Economists polled by various News services predicted a slight decline in inflation from 9.1% in June to 8.8% in July.

Market participants, analysts, and economists are eagerly awaiting tomorrow’s U.S. consumer price index report for July, which will be released at 8:30 AM EDT. It is widely anticipated that tomorrow’s report will show a fractional decline in “headline” inflation (which includes energy and food).

Inflation remains one of the most prevalent issues on the minds of Americans. Last month the government reported that the Consumer Price Index rose to its highest level in 41 years coming in at 9.1% YoY.