Gold has been dancing to its own tune recently. The strong, positive correlation with other metals has weakened over the past month. So too its relationship with the US dollar and real US bond yields, its traditional drivers – it’s basically nonexistent. WTI crude oil and inflation measures such as breakevens are not even registering on the radar. With no obvious driver to speak of, it puts more emphasis on the price action for guidance. Gold price coiling in narrowing range On the four hourly chart, gold finds itself in a bearish pennant pattern, coiling up within a narrowing range after entering from above. But ... (full story)