Gold Technical Analysis – The breakout of the range triggered a rally ...Middle East

Fundamental OverviewYesterday, gold broke out of the recent range and extended the rally following some weak US data. In fact, the Continuing Claims rose to a new high and the ISM Services PMI hit a new cycle low. That made the real yields to drop and gold to accelerate to the upside. This has been the case for a couple of years now where a rise in real yields sees a much smaller fall in gold compared to a fall in real yields which triggers a bigger rally. As of now, it looks like gold have limited downside but lots of upside as inflation abates slowly while risks to the growth picture increase the longer the Fed keeps policy restrictive. In the short-term, strong US data might weigh a bit o

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Gold Technical Analysis – The breakout of the range triggered a rally ...Middle East

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