Gold futures basis the most active August contract has sold off sharply in trading today. As of 4:11 PM EST gold is trading $33.90 lower on the day, and fixed at $1700.10. This after trading to an intra-day low today of $1690.30.

Gold hit resistance and traded lower on the day. Gold futures basis the most active August contract opened at $1750.30, and then traded to an intraday high of $1757. This became the point when sellers entered the market and took prices dramatically lower.

Spot gold led the way in terms of price advance when compared to the August 2020 Comex contract, which is the most active futures contract. Spot or Forex pricing is currently fixed at $1738.59 which is an increase of over $9 on the day.