Gold is staging a modest recovery after its worst week in almost six weeks. A decline in Treasuries and a firmer dollar indicate fundamental shifts.
The absence of haven demand amidst escalating tensions in the Middle East signals potential trouble for gold investors. A pullback could be significant.
Upcoming US labor market report is crucial, as a soft report may prompt markets to expect another 50 basis points rate cut from the FOMC.
Recent gains in precious metals have been momentum-driven; any pullback could lead to significant losses, especially if weaker positions are liquidated.
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