Gold prices are mostly flat today. While on one hand the US dollar is selling off, US bond yields are trending higher. Given gold's sensitivity to both the dollar and real interest rates, the impact on the precious metal is mixed. Looking at technical indicators, the precious metal is no longer looking overbought on a daily chart. In previous editions of the daily update, we wrote that gold was looking due for a short-term pull back. Our short-term and medium-term trending indicators suggest that gold remains in a bullish trend.
After its most recent bottom around $1,240, gold is now above $1,326.