Gold daily
Gold has started the new week on a strong note as the FX market largely remains range-bound in part due to a UK holiday. It's up $7 to $1921 after touching $1925, which was the highest in more than two weeks.
The gold market is responding to bonds. Yields are down slightly today and an extended downtrend would mark a bottom for gold, particularly if the US dollar rolls over. The risk is that inflation remains stubborn and the dollar stays strong.
Seasonally, there's a case for buying gold later in the year but there may be nearer-term tailwinds from sovereign buying as BRICS countries shift reserves away from the US dollar and towards gold.