Despite a sharp decline in recent days, a weaker US Dollar hasn’t translated into gains for gold prices. Gold prices remain on track to fall below 1700 over the coming weeks. Gold has a bearish bias in the near-term.
Gold prices have proved lackluster in recent days, which is actually a fairly concerning development. Through today, the US Dollar was down as much as -2.64% from its yearly high set last Thursday, while gold prices have only managed a +0.5% gain from last week’s low. Gold’s tepid, humdrum rebound bodes poorly, and underscores the difficult fundamental environment it continues to face now more than halfway through July.
Historically, gold prices have a relationship with volatility unlike other asset classes. While other asset classes like bonds and stocks don’t like increased volatility – signaling greater uncertainty around cash flows, dividends, coupon payments, etc. – gold tends to benefit during periods of higher volatility.GVZ Technical Analysis: Daily Price Chart at the time this report was written.
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