Gold is trading sharply lower, with gold futures currently down $26.30, making for a 2% decline. Most active June Comex gold is presently fixed at $1,292 per ounce after breaking below critical support at $1,300 earlier today.

Gold is trading under pressure today, with the most active June futures currently down $7.20, and fixed at $1,313.60. However, unlike many recent trading days, today’s lower pricing is not a direct result of a stronger U.S. dollar.

U.S. dollar strength has been prevalent throughout this year. Its effect has resulted in strong headwinds for the precious metals complex. Dollar strength has been the most significant force involved with limiting any real upside movement.