That said, I don’t think the bull case is broken. As long as oil stays elevated and geopolitical risks persist, inflation expectations could remain sticky, which eventually supports gold again. The key is timing—gold may consolidate short term under rate pressure before regaining strength if real yields roll over.
From a positioning standpoint, I’d be cautious chasing downside here, especially in leveraged names like Direxion Daily Gold Miners Index Bull 2X Shares or inverse plays. Feels more like a correction within a bigger cycle rather than the end of it, so I’d rather wait.
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