Gold and silver rose last week and yesterday due to lack of major US economic data releases. There was a delinking from rising bond yields and rising US dollar index.
The near-term for gold is not that positive with U.S. real yields surging and the greenback on the rise. Gold is likely to be stronger 12 months from now.
Gold (and gold stocks) are showing some signs of life despite Powell's hawkish statements. Big event for the week is the U.S. job numbers on Friday September 1.
Fed Chair Powell's speech today is huge. Don't underestimate it. Gold's problem is a strong dollar and a Fed that is determined to beat down inflation.
