Precious metals rebuild as macro tailwinds return, but gold awaits breakout confirmation

From home.saxo

Gold has in the last week settled into a wide USD 250 range, currently approaching the upper end with resistance sighted near USD 4,850. The move reflects a gradual stabilisation following last month’s liquidity-driven sell-off, where a combination of rising yields, a stronger dollar and forced deleveraging weighed heavily on prices. More recently, the macro backdrop has turned incrementally more supportive. Fed funds futures have once again begun to price in rate cuts, while both the US dollar and real yields have drifted lower. This shift has helped gold recover, but not yet enough to deliver a clear directional ... (full story)