Gold 
“Stocks struggled even though yields barely changed yesterday – financials were responsible even though market breadth was a mixed picture. The dollar though turned sharply lower, and keeps a lid on pretty much everything apart from the precious metals (the turn to bullish is here as I told you last week would happen).
With the upcoming data – flash manufacturing and services PMIs – stocks won‘t get enough acceleration hopes fuel, but it wouldn‘t yet disprove the soft landing thesis either. Therefore when assessing the big picture, I would listen to the shrinking liquidity demonstrated by crypto downswing and USD upswing, coupled with the tired NVDA upswing that I‘m discussing in the stock market section. If a more meaningful reprieve than the intraday SPY ups and downs is to come, it could follow after Powell‘s pronouncements only.
Precious metals upswing is proceeding right on cue – I‘d look though for silver to first digest today‘s sharp premarket gains, which would be necessary if 10y yield returns closer to 4.34%. Big picture, yields should be retreating a little before Jackson Hole, helping metals to build a stronger base.”
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