The “phase one” trade agreement between the United States and China was officially signed today helping to move U.S. equities all fractionally higher. But it was the precious metals that shined today with gold being the laggard. Currently as of 3:30 EST February futures are up 8/10 of a percent at $1557 after a respectable gain of over $12.

The imminent signing of the phase-one component of a comprehensive trade deal tomorrow between the United States and China continue to weigh heavily on both gold and silver pricing. Both precious metals continue to trade lower today with silver exhibiting the largest percentage drawdown of the entire precious metals complex.

Gold futures continue to trade under pressure. Today the most active February contract is currently down $10.80 and fixed at $1549.30, which is a net decline of 0.69%. Although on Friday gold prices managed to gain approximately $10 on the day, today gold opened above Friday’s closing price, and then closed well below Friday’s open.

This was a volatile week for gold. On Wednesday gold traded to its highest level in seven years. After breaking above $1600 trading for a brief moment up to an intraday high of $1613, before breaking and closing below $1600 per ounce. The last time gold was trading at or above $1600 per ounce was March 2013.

With gold off a little over $60 from the highs achieved yesterday, the question many gold investors and traders are asking is, where to from here? My sense is that the undertones of gold pricing remains extremely bullish. The most recent rise in gold pricing which began on Friday following the U.S.

After 10 consecutive trading days which resulted in daily gains and a higher closing price when compared to the open that streak was broken today when gold futures settled sharply lower on today. The price difference between Tuesday evening’s high and today’s low was just about $60.

This is being written as of 6:51 PM Eastern standard Time. Reports have surfaced that Iran launched "tens" of surface to surface missiles at Iraq’s Al Asad airbase. Gold is currently trading up over $21 on the day at $1596, as it trades lower from its recent climb to $1600 per ounce. We can expect fast market conditions as more news becomes available on this event.

Gold futures traded sharply higher overseas yesterday as recently increased tensions in the Middle East took the precious metal to $1590.90 before giving up much of those gains as trading moved into New York this morning. As of 4 PM EST the most active February gold contract is trading up $16.30, and fixed at $1568.60.

Gold futures are currently trading up $23, with the most active February contract currently fixed at $1551.10, this is a 1.51% gain on the day. Today’s dramatic rise in gold prices is a direct response to actions in the Middle East last night. Without a question this is one of the strongest safe-haven moves we have seen in quite some time.