Gold futures basis the most active August Comex contract traded below its 100-day simple moving average which is currently at $1950.70 after trading to an intraday low of $1936.10.

As anticipated the Federal Reserve announced that the “committee decided to maintain the target range for the federal funds rate at 5 to 5 ¼%”.

This morning the BLS (Bureau of Labor Statistics) released the most current data on the inflation rate for May, it revealed that inflation has cooled to a level not seen in over two years.