Gold Faces a Fed, Yields and Technical-Support Test

Gold remains below US$4,200, recently around US$4,157, as higher yields, a firm dollar and hawkish Fed expectations pressure bullion and miners. Record ETF inflows of about US$31 billion and continued GLD, GLDM and IAUM demand provide a counterweight, while futures liquidation appears to have driven much of the decline. GDX remains weaker than bullion and below its 200-day moving average, with US$4,000–US$3,950 as key support.