Fundamental OverviewGold has been rallying steadily this week since bouncing from the bottom of the recent range. The soft US Job Openings on Wednesday gave it the tailwind to push into the key resistance around the 2530 level. This move has been driven by falling real yields as the softer US data caused the market to position more dovishly into the NFP release. This puts the recent rally in gold at risk in case the NFP report comes out better than expected as real yields will reverse the recent drop. In the bigger picture, gold should remain supported as real yields fall due to the Fed’s rate cut cycle, but in the short-term, strong US data might weigh on the market a bit.Gold Technical An
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