Not even the Federal Reserve minutes from last month’s meeting seem to have any kind of dramatic affect either bullish or bearish as it relates to current gold pricing.

Since the middle of February immediately following this year’s high at $1350, we have seen a series of lower highs, and lower lows. This trend would continue until we had a double bottom on April 24^th  and May 2^nd at approximately $1267. From the second bottom on May 2^nd the market began a short-lived rally taking gold prices just above $1300 per ounce.

It was another brutal day for gold prices. Gold futures basis the most active June contract opened at $1285.80 this morning, and after trading to a low of $1274.60 it closed $8.50 lower and is currently fixed at $1277.60. The dollar provided moderate headwinds, as it gained 0.19% in trading today.

Gold gave back the gains achieved earlier this week with Comex futures losing $10.80 (0.84%) on the day with the most active June contract closing at $1286.90. Dollar strength certainly contributed to today’s decline with the dollar index up .28% and fixed at 97.65. The remaining drawdown of .56% is directly attributable to selling pressure.

You might not think that a fractional gain would indicate bullish market sentiment, however in the case of today’s $0.60 gain per ounce of gold it is the fact that gold has held steady relative to the respectable gain that occurred on Monday of this week.

Last week’s trade negotiations between the delegation from China and the U.S. delegation seemed to have lost ground and moved farther away from a resolution, the opposite of the desired outcome. It is interesting that concessions agreed to by China were taken off the table. The explanation or motive behind that move could be the belief that China is content to walk away from the trade talks.

On Thursday and Friday of last week trade representatives from both the United States and China began and ended negotiations dismally without accomplishing any progress. If anything, the relationship regarding trade between these two superpowers worsened.

The precious metals markets continued to react to the increased apprehension regarding the lack of any favorable resolution to the trade talks held in Washington on Thursday and Friday between the United States and China.

The financial markets continue to react to the increased apprehension regarding the outcome of the trade negotiations between the United States and China. Equities globally have been under pressure for the better part of this week.

Although gold futures closed lower on the day, they did so with a higher low as well as a higher high when compared to Tuesday’s price range. As of 3:20 PM EDT June futures are trading down $3.90 and currently fixed at $1281.70. What is extremely noteworthy in today’s trading activity is the intraday high of $1292.80.