Hawkish Fed and strengthening USD not a good macro backdrop for PM
USD/CNY is the over-arching narrative and ‘smart money’ is treating gold as a proxy short on CNY. WAF just being swept along
Not saying traders/instos/whoever aren’t ‘manipulating’ us down but if they are they’re swimming WITH the tide
In any case, USD looking toppish and struggling to breach resistance suggesting some relief may be on the way. Expecting a modest bounce (1190-1210-ish)
Introduction of 25% tariffs in September (should they happen) will be a catalyst for a final capitulation imo whereas a trade settlement would underpin a rerate
In the longer term, a stock market correction and/or Fed policy reversal will kick-start the next sustained bull run at which point WAF will snap the leash
