Gold is trading firmly below its 200-day moving average as labor market strength and rising inflation reinforce the higher-for-longer rate narrative, which are supporting bond yields and the dollar, with $4,075/oz gold now in play, but long-term fundamentals remain supportive, according to Ole Hansen, head of commodity strategy at Saxo Bank. In a new update published Tuesday, Hansen noted that gold’s slide below the 200 DMA constitutes an important setback that goes beyond technical damage. “While the long-term bullish case remains intact, the market is currently being driven by a very different set of forces,” he ... (full story)