Over the last week the CME’s own FedWatch tool has quietly eroded away conviction for a September interest rate reduction.

The precious metals market experienced significant movement today as gold futures climbed $31 to approximately $3,390 per ounce, coinciding with the 2:00 PM ET release of the Federal Reserve's July FOMC meeting minutes.

Today's trading session witnessed a synchronized decline across precious metals and equity markets, with gold futures experiencing their most significant technical breakdown in weeks while technology stocks led a broader market retreat.