Gold update July 9, 2025
Gold didn’t mirror oils moves early in the week although we’ve not yet turned bearish. It seems to have broken its pattern of support, although looking at a larger time frame of 3 months or 6 months, we are able to draw a support line where gold is currently at as well as another near the 3200 level keeping us optimistic on gold. All eyes are still on the US Dollar as it continues its upward momentum, while simultaneously the US 10 yr. seems to be continuing its own uptrend which is causing the current decline in gold.
Even though both indicators (DXY & the 10 yr) are bearish for gold, we know the US debt financing is coming up having and a lower ten year would make it easier for US to pay it off. Meanwhile, we still believe a cheaper dollar is good for Trump, yet recent moves are having us question if there will be an upcoming pivot in the cards. Stay tuned.
