Gold – Drifts lower pressured by higher yields

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<li data-slate-block="regular" data-slate-type="paragraph" data-slate-value="{"type":"paragraph","children":[{"text":"The second half of the summer hasn't been kind to gold so far, with the yellow metal coming close to $2,000 once more before plunging back toward $1,900 where it spent most of late June and early July."}]}" data-slate-node="element"><strong>Higher yields push gold lower</strong></li>
<li data-slate-block="regular" data-slate-type="paragraph" data-slate-value="{"type":"paragraph","children":[{"text":"The second half of the summer hasn't been kind to gold so far, with the yellow metal coming close to $2,000 once more before plunging back toward $1,900 where it spent most of late June and early July."}]}" data-slate-node="element"><strong>Could the US CPI be a game-changer?</strong></li>
<li data-slate-block="regular" data-slate-type="paragraph" data-slate-value="{"type":"paragraph","children":[{"text":"The second half of the summer hasn't been kind to gold so far, with the yellow metal coming close to $2,000 once more before plunging back toward $1,900 where it spent most of late June and early July."}]}" data-slate-node="element"><strong>A break of June lows could be very bearish</strong></li>
</ul>
<p class="_ParagraphElement_yyl4z_19" data-slate-block="regular" data-slate-type="paragraph" data-slate-value="{"type":"paragraph","children":[{"text":"The second half of the summer hasn't been kind to gold so far, with the yellow metal coming close to $2,000 once more before plunging back toward $1,900 where it spent most of late June and early July."}]}" data-slate-node="element"><span data-slate-node="text">The second half of the summer hasn’t been kind to gold so far, with the yellow metal coming close to $2,000 once more before plunging back toward $1,900 where it spent most of late June and early July.</span></p>
<p class="_ParagraphElement_yyl4z_19" data-slate-block="regular" data-slate-type="paragraph" data-slate-value="{"type":"paragraph","children":[{"text":"Higher yields, particularly in the US, and a stronger dollar have been primarily responsible for this but there's probably also an element of uncertainty in the economic data that's making traders a little nervous. We've finally reached the end of the tightening cycles – or extremely close to it – and now we're left wondering how long we'll be stuck here."}]}" data-slate-node="element"><span data-slate-node="text">Higher yields, particularly in the US, and a stronger dollar have been primarily responsible for this but there’s probably also an element of uncertainty in the economic data that’s making traders a little nervous. </span></p>
<p class="_ParagraphElement_yyl4z_19" data-slate-block="regular" data-slate-type="paragraph" data-slate-value="{"type":"paragraph","children":[{"text":"Higher yields, particularly in the US, and a stronger dollar have been primarily responsible for this but there's probably also an element of uncertainty in the economic data that's making traders a little nervous. We've finally reached the end of the tightening cycles – or extremely close to it – and now we're left wondering how long we'll be stuck here."}]}" data-slate-node="element"><span data-slate-node="text">We’ve finally reached the end of the tightening cycles – or extremely close to it – and now we’re left wondering how long we’ll be stuck here.</span></p>
<p class="_ParagraphElement_yyl4z_19" data-slate-block="regular" data-slate-type="paragraph" data-slate-value="{"type":"paragraph","children":[{"text":"We've seen some significant improvement in some areas but not yet enough to convince policymakers that the case for rate hikes has passed, let alone that there is any case for easing again early next year. That narrative may change if we see some further improvement in the data, starting with the US CPI tomorrow, but for now, that nervousness is creeping back in. "}]}" data-slate-node="element" data-slate-fragment="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"><span data-slate-node="text">We’ve seen some significant improvement in some areas but not yet enough to convince policymakers that the case for rate hikes has passed, let alone that there is any case for easing again early next year. </span></p>
<p class="_ParagraphElement_yyl4z_19" data-slate-block="regular" data-slate-type="paragraph" data-slate-value="{"type":"paragraph","children":[{"text":"We've seen some significant improvement in some areas but not yet enough to convince policymakers that the case for rate hikes has passed, let alone that there is any case for easing again early next year. That narrative may change if we see some further improvement in the data, starting with the US CPI tomorrow, but for now, that nervousness is creeping back in. "}]}" data-slate-node="element" data-slate-fragment="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"><span data-slate-node="text">That narrative may change if we see some further improvement in the data, starting with the US CPI tomorrow, but for now, that nervousness is creeping back in.</span></p>
<p style="text-align: center" data-slate-block="regular" data-slate-type="paragraph" data-slate-value="{"type":"paragraph","children":[{"text":"We've seen some significant improvement in some areas but not yet enough to convince policymakers that the case for rate hikes has passed, let alone that there is any case for easing again early next year. That narrative may change if we see some further improvement in the data, starting with the US CPI tomorrow, but for now, that nervousness is creeping back in. "}]}" data-slate-node="element" data-slate-fragment="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"><iframe loading="lazy" width="560" height="315" src="https://www.youtube.com/embed/nmMIJ83l4cU" title="YouTube video player" frameborder="0" allow="accelerometer; autoplay; clipboard-write; encrypted-media; gyroscope; picture-in-picture; web-share" allowfullscreen></iframe></p>
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<p data-slate-block="regular" data-slate-type="paragraph" data-slate-value="{"type":"paragraph","children":[{"text":"We've seen some significant improvement in some areas but not yet enough to convince policymakers that the case for rate hikes has passed, let alone that there is any case for easing again early next year. That narrative may change if we see some further improvement in the data, starting with the US CPI tomorrow, but for now, that nervousness is creeping back in. "}]}" data-slate-node="element" data-slate-fragment="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"><strong>Was the early July rally just a corrective move?</strong></p>
<p data-slate-block="regular" data-slate-type="paragraph" data-slate-value="{"type":"paragraph","children":[{"text":"We've seen some significant improvement in some areas but not yet enough to convince policymakers that the case for rate hikes has passed, let alone that there is any case for easing again early next year. That narrative may change if we see some further improvement in the data, starting with the US CPI tomorrow, but for now, that nervousness is creeping back in. "}]}" data-slate-node="element" data-slate-fragment="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">If the price moves below the June lows, around $1,893, that could be a very bearish signal for a couple of reasons.</p>
<p style="text-align: center" data-slate-block="regular" data-slate-type="paragraph" data-slate-value="{"type":"paragraph","children":[{"text":"We've seen some significant improvement in some areas but not yet enough to convince policymakers that the case for rate hikes has passed, let alone that there is any case for easing again early next year. That narrative may change if we see some further improvement in the data, starting with the US CPI tomorrow, but for now, that nervousness is creeping back in. "}]}" data-slate-node="element" data-slate-fragment="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"><strong>XAUUSD Daily</strong></p>
<p data-slate-block="regular" data-slate-type="paragraph" data-slate-value="{"type":"paragraph","children":[{"text":"We've seen some significant improvement in some areas but not yet enough to convince policymakers that the case for rate hikes has passed, let alone that there is any case for easing again early next year. That narrative may change if we see some further improvement in the data, starting with the US CPI tomorrow, but for now, that nervousness is creeping back in. "}]}" data-slate-node="element" data-slate-fragment="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"><a href="https://www.marketpulse.com/wp-content/uploads/2023/08/XAUUSD_2023-08-09_17-04-57.png" target="_blank" rel="noopener"><img loading="lazy" class="aligncenter wp-image-806909" src="https://www.marketpulse.com/wp-content/uploads/2023/08/XAUUSD_2023-08-09_17-04-57-1024×436.png" alt="" width="620" height="264" srcset="https://www.marketpulse.com/wp-content/uploads/2023/08/XAUUSD_2023-08-09_17-04-57-1024×436.png 1024w, https://www.marketpulse.com/wp-content/uploads/2023/08/XAUUSD_2023-08-09_17-04-57-300×128.png 300w, https://www.marketpulse.com/wp-content/uploads/2023/08/XAUUSD_2023-08-09_17-04-57-768×327.png 768w, https://www.marketpulse.com/wp-content/uploads/2023/08/XAUUSD_2023-08-09_17-04-57-1536×654.png 1536w, https://www.marketpulse.com/wp-content/uploads/2023/08/XAUUSD_2023-08-09_17-04-57.png 1793w" sizes="(max-width: 620px) 100vw, 620px" /></a></p>
<p style="text-align: right" data-slate-block="regular" data-slate-type="paragraph" data-slate-value="{"type":"paragraph","children":[{"text":"We've seen some significant improvement in some areas but not yet enough to convince policymakers that the case for rate hikes has passed, let alone that there is any case for easing again early next year. That narrative may change if we see some further improvement in the data, starting with the US CPI tomorrow, but for now, that nervousness is creeping back in. "}]}" data-slate-node="element" data-slate-fragment="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">Source – OANDA on Trading View</p>
<p data-slate-block="regular" data-slate-type="paragraph" data-slate-value="{"type":"paragraph","children":[{"text":"We've seen some significant improvement in some areas but not yet enough to convince policymakers that the case for rate hikes has passed, let alone that there is any case for easing again early next year. That narrative may change if we see some further improvement in the data, starting with the US CPI tomorrow, but for now, that nervousness is creeping back in. "}]}" data-slate-node="element" data-slate-fragment="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">For one, it would make the rotation on 20 July all the more significant and would confirm the rally that preceded it as a retracement, indicating the broader decline may still be in play.</p>
<p data-slate-block="regular" data-slate-type="paragraph" data-slate-value="{"type":"paragraph","children":[{"text":"We've seen some significant improvement in some areas but not yet enough to convince policymakers that the case for rate hikes has passed, let alone that there is any case for easing again early next year. That narrative may change if we see some further improvement in the data, starting with the US CPI tomorrow, but for now, that nervousness is creeping back in. "}]}" data-slate-node="element" data-slate-fragment="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">What’s more, a move below the 200/233-day simple moving average band – the lower end of which falls around $1,860 – could be viewed as another very bearish development.</p>
<p data-slate-block="regular" data-slate-type="paragraph" data-slate-value="{"type":"paragraph","children":[{"text":"We've seen some significant improvement in some areas but not yet enough to convince policymakers that the case for rate hikes has passed, let alone that there is any case for easing again early next year. That narrative may change if we see some further improvement in the data, starting with the US CPI tomorrow, but for now, that nervousness is creeping back in. "}]}" data-slate-node="element" data-slate-fragment="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">
<p data-slate-block="regular" data-slate-type="paragraph" data-slate-value="{"type":"paragraph","children":[{"text":"We've seen some significant improvement in some areas but not yet enough to convince policymakers that the case for rate hikes has passed, let alone that there is any case for easing again early next year. That narrative may change if we see some further improvement in the data, starting with the US CPI tomorrow, but for now, that nervousness is creeping back in. "}]}" data-slate-node="element" data-slate-fragment="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">