Do gold’s seasonals still favour dip buying?

The run higher in gold has been fuelled by the fall in real yields and the USD. These falls came after the last Fed meeting which saw the Fed move to a ‘meeting by meeting basis’ as the Fed recognised that the US was showing signs of slowing growth. However, since that last Fed meeting, the data from the US has been mixed. A strong US jobs print, decent services ISM data, and signs of core inflation slowing (5.9%), and PPI falling (9.8% y/y down from 11.3% prior) have all meant that the outlook is uncertain for the path of US monetary policy moving forward. Can the Fed afford to be more aggressive in tackling ...