After the breakout to new highs, gold has hit a wall, and our client flow is more and more concentrated on positioning for short-term downside.
However, while we always hold an open mind to the price moves that could play out, my base case is that Powell's tone will hit the market pricing almost perfectly.
News that China's gold imports fell 24% in July won't necessarily surprise, and reports suggest future imports may start to rise again.
Still, there is nothing more emotive than momentum, and should this wall of supply stand aside, the gold bulls could make a statement.
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