Gold prices are struggling to sustain a bid higher as rising US real yields have jumped back to yearly highs. The resurgent US Dollar (via the DXY Index) is doing no favors for gold prices either.
Over the prior two updates, it has been observed that “resolution around the multi-month descending trendline, sparked by Fed Chair Powell’s Jackson Hole speech, will help clarify the near-term trading bias: either back towards the August high at 1807.96; or back to the yearly low at 1680.94…it appears that the bias is to the downside towards the yearly lows as gold prices have rapidly sunk below the descending trendline from the March and April swing highs.
Consistent with this view, gold prices have failed to sustain a bid as momentum remains bearish. Gold prices are still below their daily 5-, 8-, 13-, and 21-EMAs, and the EMA envelope is in bearish sequential order. Daily MACD is trending lower below its signal line, and daily Slow Stochastics are holding in oversold territory. A return to the yearly low can’t be ruled out in the near-term; a breach would likely require US real yields to set fresh yearly highs, however.
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