Gold prices are currently flat. Yesterday, gold prices fell sharply alongside rising US Treasury yields. Two days ago, the precious metal surged on fears of US military action in Syria. Yesterday, risk sentiment improved as investors anticipated strong US corporate earnings and Trump tweeted he "never said when an attack on Syria would take place." The US dollar was also sharply higher yesterday, hurting gold prices.
Today, gold is trading sideways as the US dollar strengthens while US Treasury yields decline. Following big moves in recent history, both the dollar and Treasury yields are relatively calm today. Looking at the technical picture, gold has now made four consecutive lower-highs. While our outlook on gold remains bullish, the precious metal has been unable to break out of its recent range thanks to US dollar strength. Our short-term and medium-term outlook on gold remains bullish.
After its most recent top around $1,353, gold is now above $1,336.