GoldLONG
The increasing probability of an interest rate hike by the Federal Reserve is creating increased volatility within gold as it continues to track the US 2Y note lower (gold typically trades inverse of 2Y yields). The US 2Y note futures look to be trending into support at this time.
However, the daily price action z-score of -2.66 is suggesting a highly overextended climate which is backed up by a traditional RSI of 25.
Price momentum is to the downside, but we believe the likelihood of a rate hike ahead of the U.S. election is highly unlikely.
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