What would the Fed say? Well according to the CME’s FedWatch tool, the odds of another quarter-point U.S. rate increase have decreased to around 47%, a drop of 3% when compared with the odds of a month ago. Tepid economic data released today has further eroded the probability of another rate hike being initiated by the Federal Reserve this year.

Whether you focus upon geopolitical hotspots such as North Korea or Venezuela or you focus your attention on today’s firing of the new White House communications director, Anthony Scaramucci, one thing is for certain. There’s never a dull moment at the White House with this new administration.

Both gold and silver experienced extremely strong finishes on the week. The cumulative effect has seen both gold and silver pricing gain value for the last three consecutive weeks, resulting in gold prices closing at a six-week high. A combination of factors have been cited as the underlying of events moving safe haven assets to new highs.

Market participants continue to see exaggerated volatility and knee-jerk reactions to the most recent statement from the Federal Reserve. The U.S. dollar has been trading under extreme pressure for over six months. After reaching a high of 104 on the dollar index during the last few months of 2016, it has been consistently moving to lower pricing throughout the first half of this year.

In a statement released by the Federal Reserve today, members said they would, as expected, leave the current Federal Funds rate unchanged.

Gold is currently trading under moderate pressure today, as market participants seek to pull short-term profits. Gold has been in a defined rally mode, which began around July 9^th. From the first week of June to the first week of July, gold prices lost roughly $100 in value before finding support at $1203 per ounce.

It is that time again. The Federal Open Market Committee (FOMC) monthly policy meeting for July is scheduled to begin tomorrow and conclude on Wednesday, when this month’s policy statement will be issued.

Gold is currently trading strongly higher on the day.  As of 4 o’clock EDT, it is at $1254.30. This based on the most active August 2017 futures contract, which is a net change of $8.80 on the day. What jumps out as being a little different than other up day's this week is that today’s upside move is a combination of roughly equal parts weak U.S.

Comments made by European Central Bank President Mario Draghi confirmed what many analysts expected; that the ECB would keep the current interest rate level unchanged. Draghi also vowed that the current policy of asset purchases would continue through the end of the year.

The U.S. dollar has been under siege. In this year alone, the U.S. dollar has lost approximately 9% since the highs reached at the end of 2016. Since then, the dollar index has lost a lot of ground, a little over 2% this month alone. It is this recent dollar weakness that has propped up pricing in both gold and silver.