GLD’s long-cycle support has not repaired its short-cycle tape. Official-sector demand remains constructive, and one weekly inflow ended a long run of redemptions. Price still sits below the 50-day and 200-day averages while ten-year real yields remain above 2.3%.
The July 30 policy reaction and the next two CFTC and fund-flow readings should show whether the latest inflow marks a turn or a pause. The evidence bar is higher because the dollar has firmed toward 101 and momentum has improved only at the margin.
The full Level 2+ review maps the internal debate, monetary ledger, valuation scenarios, market structure, evidence calendar and invalidation conditions. Read the gated GLD Deep Coverage Review or join CAMS Premium Research.
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