Gold prices and technicals:
- Gold was higher last week (XAU +1.1%, LBMA +1.2%), as markets were volatile, and the US 2/10 curve turned negative, which has historically often preceded a recession
- Gold prices are at all-time highs in over 20 countries and is up 8% this month and 19% this year in US dollars
- Gold is outperforming the S&P 500 on the year
- The gold price has consolidated near $1,500 which was anticipated given the psychological level and extreme open interest in futures at that price. That level could act as a magnet in the short-term.