Although gold pricing is slightly higher for the week, it will finish lower today as well as for the month as a whole. Gold prices lost approximately 2.2% in May for the second consecutive month of slightly lower pricing.

Even during defined trends in the financial markets, the day to day price fluctuations will be composed of both positive and negative gains. There is nothing unusual about that type of price movement. It is a natural tendency of price movement over time.

As they say in Italian, “Arrivederci Euro, Forte Dollaro US,” or “goodbye Euro value, the U.S. dollar is strong.” Political unrest in Italy has put tremendous pressure on the euro zone, with the euro-dollar selling off dramatically today against the U.S. dollar.

As far as gold pricing is concerned, it would be fair to say that during the last eight trading days, price movement in gold indicated a week of price consolidation followed by a reversal.

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This morning’s release of the minutes from last month’s FOMC meeting provided some upside momentum to move gold off this morning’s lows. After trading to a high of $1,298 in overseas trading last night, traders bid prices lower in morning trading taking gold to $1,287 per ounce.

Ever since gold broke below $1,300, exactly a week ago today, pricing has remained in an extremely narrow and defined trading range. The relationship between the daily open and closing price has diminished to just a couple of dollars each day.

Gold closed fractionally higher after trading to the lowest price this year. Trading $10 lower and under pressure today, gold reached an intraday low of $1,281.20. The last time gold traded to $1,281 was December 22 of last year. The key distinction was that, during December 2017, gold had begun a dynamic rally after hitting a low at $1,238.

Gold has been attempting to form a baseline level of support over the last three trading days and finished fractionally higher in trading today. Gold Comex futures finished up approximately $2.50 today and closed at $1,291.90 (most active June contract).