If we just look at gold prices as reflected through buyers and sellers today, gold closed $3.70 higher on the day. Of course, precious metals pricing, including gold, is paired or traded against dollars so that any price change must reflect dollar strength or weakness and then be added to the current price of gold.

After trading to a new intraday low of $1272 an ounce, gold prices struggled to recover and closed slightly positive on the day. As of 3 o’clock EDT, gold futures are trading at $1279.30 per ounce for a net gain of a dollar on the day.

As of 430 EDT, physical gold is currently fixed at $1276.60, a net loss of $5.40 on the day. This price decline can be broken down into its components, which for today are four-parts selling and one-part dollar.

After trading to an intraday low of $1273.60, gold prices recovered as the U.S. equities markets went negative, closing up three dollars at $1283.50. Some analysts claim it was short covering from futures traders along with bargain hunters bidding up the precious yellow metal that led to this recovery.

Traders, analysts, and market participants have been intensely focused on who will be at the helm of the Federal Reserve come February of next year, as well as on the potential for a tax cut.

In late breaking news, Federal Reserve Governor Jerome Powell is seen as the leading contender to become the next Fed Chairman. According to Politico, “Federal Reserve Governor Jerome Powell is the leading candidate to become the chair of the U.S. central bank after President Donald Trump concluded a series of meetings with five finalists Thursday, three administration officials said.”

Although many analysts have cited U.S. dollar strength as a partial bearish force on gold prices today, that is not the case. Rather it is the risk-on environment prevalent in the U.S. equities markets, as the Dow Jones broke through and closed above 23,000 today, along with uncertainty as to who will head the Federal Reserve next year when Chairwoman Janet Yellen’s term concludes.

Gold closed today under dramatic pressure, losing $15 on the day with gold futures settling at $1288 per ounce. A combination of a strong U.S. dollar and a risk-on environment, created as the Dow Jones Industrial Average flirted with 23,000, caused many traders to doubt the ability for gold prices to hold value.

Although gold is trading under pressure today after breaking below a critical support area of $1300, it has recovered slightly from the intraday low which came in at $1292.50. As of 430 EDT, the most active gold futures contract (December 2017) is trading at $1296.90, a net loss of $7.70 (-0.58%) on the day.

Gold prices broke and closed above a critical resistance level when gold traded past $1300 this morning. As of 430 EDT, the most active gold futures contract (December 2017) gained $9.30 on the day to close at $1305.80. Spot gold closes $9.70 higher on the day, trading to $1302.80.