Gary S. Wagner

Gold stalled for the first time since its breakout out of the $4,000 - $4,200 range Tuesday as it made a two-month high and then reversed giving back earlier gains. August futures ended the day with a loss of $20.80 or 0.47% at $4,427. Other than yesterday, today’s closing price is still the highest since June 5th. The movers of gold in Tuesday’s session were based upon fundamental and technical forces, a shift from a market that recently has been driven purely of fundamentals.

(Kitco Commentary) - Gold traded lower Tuesday, moving closer to its current support and double-bottom level near $4,000. Gold futures fell $50, or 1.22%, to $4,029 as of 4:55 p.m. ET. Since the start of March, gold has been reacting to increasing inflationary pressures driven by rising crude oil prices. Elevated oil prices have led traders to anticipate at least one interest rate hike by September, reversing earlier expectations for rate cuts this year.

(Kitco Commentary) - Today marks the final day of July, and with it, gold records its first monthly gain since the start of the U.S.–Iran war. Yet to call this a banner month would be to misread the tape. July was not a breakout — it was a consolidation. At the time of writing, gold futures are lower by $55, or 1.32%, with the most active December contract trading at $4,107.60.