As we start this week -- traders, investors, and market technicians are waiting for the monthly FOMC meeting to commence. Beginning tomorrow and concluding on Wednesday, the Federal Reserve will meet.

Gold futures closed lower on the week, losing value for the third consecutive week. More foreboding is the fact that not only has gold closed at the lowest value this year, but the last time gold futures closed near this level was almost a year ago.

Dollar strength and mild selling pressure combined were the primary contributors to today’s decline in gold pricing. Gold futures basis the most active August contract is currently down by $9.40, a net decline of just over ¾%, and fixed at $1,222.40.