Gold up $33
What a day in markets. Everything that had briefly fallen out of favor is back in style.
Gold is along for the ride and up $33 to $1716. Today's rally comes after an extended drop but keys off the June 2020 low of $1670.
Where from here?
I think there's room for more of a bounce. Gold has suddenly become such a hated trade and it appears as though the rout in sovereign bonds is taking a break. I would eye $1765 as resistance.
On the fundamental side, the ongoing rise in the US dollar and real yields are headwinds that I expect to be blowing for awhile yet.
