Under the hood, the broadening consensus for a higher-for-longer scenario in rates has catalyzed notable CTA liquidations over the past weeks, underscoring the slump in net length highlighted by the CFTC weekly report. That being said, the drip lower from ETF gold liquidations appears to be subsiding over the last few sessions, and we don't expect additional algorithmic selling activity until prices break below the $,1900 mark. 

Ultimately, Gold bulls will need discretionary traders to deploy their capital hoard, which places additional attention on upcoming data trends, particularly at a time when leading economic indicators are contrasting sharply from coincident economic indicators, as is historically typical in pre-recessionary periods.