Fundamental conditions bode poorly for gold as breakeven rates drop; XAU/USD looks ready to repeat its recent bearish price action behavior.
Gold prices are lower in Asia-Pacific trading, with prices down around 0.3% despite the overnight bounce that saw most of its intraday gains trimmed throughout Wall Street trading.
The modest price action follows a steep drop on Monday when markets whipsawed as traders sold UK Gilts, leading global government bond yields higher. The action is not all that encouraging for Bullion bulls.
It follows a pattern from the last six weeks: consolidation followed by a dump. The Treasury yields and US Dollar have been the bane of XAU’s existence. A Federal Reserve that is hyper-focused on cruising inflation has driven both of those to rise exponentially despite many Fed detractors.
The falling price action matches the mood of gold speculators; this was evidenced by the latest COT data from the CFTC. Broader deteriorations in market sentiment weighed heavily on risk assets, which might benefit gold if not for the FOMC’s policy.
That market inflation outlook bodes poorly for XAU, especially considering a still-hawkish Fed. Consumers are growing more optimistic about the economy amid falling gasoline prices, which bolstered the Conference Board’s Expectations Index for September.
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