gold daily
Gold is trading at the highest since the June 7 drop.
The chart looked to be teeing up a a head-and-shoulders top but the bulls have fought back and a rise above $2387 would help to invalidate it.
The turn this week may have come after a World Gold Council survey showing that 29% of central banks planned add to gold holdings in the year ahead, the most since the survey began in 2018. Gold prices had previously fallen after May data showed the PBOC refraining from buying gold after somewhat of a spree.
The connection between gold and yields has mostly broken down and today that’s especially evident as 10-year yields are up 6.4 bps today and gold is having its best day in more than a month.