July 8, 2019

Gold broke $1,400 again earlier today before retreating to its current level of $1,394.60. The drop comes as excellent employment data last week greatly decreases the likelihood of a Fed rate cut later this month. US stocks, which priced a rate cut into their recent surge, are down today following Friday’s jobs numbers. Fed Chair Jerome Powell is testifying before Congress this week to deliver his semi-annual Monetary Policy Report which should provide greater insight into where the Fed stands on future policy.