Gold is in a great space at the moment with almost all supporting markers favoring the yellow metal. U.S. 10-year TIPS (see graphic below) has plateaued giving added impetus to gold upside because of the reduced cost of holding gold – traditionally an inverse relationship.
From the dollar perspective, we have seen a drop off in the USD frenzy of late due to a combination of factors including a more hawkish ECB, an overstretched dollar and an easing in the Chinese economy (COVID-19).