There were no advances in the debt ceiling negotiations over the weekend, and some might even argue that they went backward, but President Biden is set to meet with Speaker McCarthy today. That’s leading to hopes that when they’re in the same room together instead of negotiating through press conferences, they may be able to make some headway.

It’s a quiet morning in terms of economic and earnings data, but futures are trading modestly higher perhaps due to a few mergers. This morning alone, Chevron (CVX) announced a deal to acquire PDC Energy (PDCE) for $72 per share in stock. Additionally, two smaller deals were also announced involving Greenhill (GHL) being acquired by Mizuho for $550 million, and VectivBio (VECT) being taken over by Ironwood Pharma (IRWD) for $1 billion.

There may be some doubt over the ability of the US Federal government to pay its debts come June, but gold hasn’t seen any benefit from its haven status. Prices are modestly weaker this morning putting the commodity on pace for its fourth straight day of closing below its 50-day moving average (DMA). As the 50-DMA has the potential to act as short-term resistance, the uptrend from last fall’s low and the high from February in the high $1760s range is a potential support zone.

Gold’s recent weakness comes within just a month of the commodity hitting a record high of $2,085.40 back on May 4^th. While the early May peak was a record high, it was only marginally above its prior highs of $2,078.00 in August 2020 and $2,078.80 in March 2022. Given that, unless prices recover relatively quickly from here, the chatter of a triple top in the commodity will pick up considerably.

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