Although trading this week was limited to four trading days due to a holiday weekend gold had a deep and severe price decline. Gold lost approximately $74 in trading this week opening at approximately $1814 on Tuesday and settling at $1741 today.

For the time in the last seven trading sessions, gold closed above its daily opening price and higher than the previous day’s closing price.

This week market participants have focused intently on the future actions of the Federal Reserve as it pertains to rate hikes to be announced at the upcoming July and September FOMC meetings.