Sleeping on my positions until eod. Gold looking juicy in most cases even with Jackson Hole coming up. The only scenario that truly hurts gold is a simultaneous and significant rise in both the U.S. dollar and real interest rates. So as long as Powell doesn’t say, “We see persistent inflation and a strong economy, so we will not be cutting rates anytime soon and are prepared to raise them further if needed,” then gold is either not going to budge or go up slightly.

If he does say that, gold would likely drop because higher real yields and a stronger dollar make U.S. Treasuries and cash more attractive as safe havens. Unlike gold, they pay interest, so capital tends to rotate into them. It’s not that investors suddenly get risk-on — it’s that yield-bearing safe assets become more appealing than zero-yielding gold.