Pips School Research6 min read
Rate differentials have driven much of the pair's multi-year behaviour. What would change that dynamic?
Interest rate differentials explain a meaningful portion of the pair's directional bias over long horizons, though they say little about timing over days or weeks.
The pair has spent several sessions in a narrowing range as traders wait for the next inflation print. Here is how the structure is shaping up.
Gold's relationship with real yields remains the most useful lens for framing current price behaviour.
Fewer constituents participating in an advance changes the risk profile of index exposure.