Gold futures are trading under pressure today with the most active December Comex contract currently down $8.80 (-0.72%) and fixed at $1,207 20. After gaining over $20 in value on Friday, gold tracked fractionally higher in trading yesterday.

Considering that U.S. equities have had a strong upside move today, with the NASDAQ Composite closing at a new record high price at 8,013.33, gold futures are holding up rather well and currently trading up $3.60 at $1216.90.

In his first speech as Fed Chairman at the economic conference in Jackson Hole, Jerome Powell’s speech resulted in the U.S. dollar trading lower and a strong upside move in gold pricing.