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Gold has been holding up because of a weaker dollar and continued fears about a non-existent recession. In this piece, we update the gold market.
Gold has been unable to stay above its 50-day MA, and it is below 1500 as we write this. The dollar is starting to strengthen now that the Fed has broadcast the end of rate cuts for the medium term; a rising dollar will weaken the gold price. Rates are at levels not seen since 2016 just before gold lost 20% (chart below).