A few charts to assess the backdrop for $gold

Top pane - gold vs UST 5yr real yield (2yr regression shows R^2 at 0.904)...
Middle - 5yr breakevens (blue) vs 5yr nominal yields
Lower - Aggregate $ value of bonds with negative yield

Gold continues to trade as a zero coupon bond
Volmatrix
Upper - Gold 1 week implied vol - 1 year vol - no signs of expected ST explosive move
Middle - 25d 1m riskies - 1m call vol trades at a 1.6vol premium to puts.. neutral
Lower - 6m riskies - neutral

No signs of euphoric conditions at all despite gold testing upper range
CFTC managed money (futures only) - 105k net long - just under the average (blue) from start of 2000. All pretty neutral
Daily chart...through downtrend resistance, but needs to clear horizontal supply zone c $1750.. if we see that next week, then consider positioning and sentiment is very neutral and trend in real yield is lower.

Failing that, gold in GBP seems to be the weakest link
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