Powell: No Pivot, No Party

And, while the long-term play is in tact, it's starting to feel like gold's short term momentum could be slowing...

Over the last few days, with Fed Chair Jerome Powell maintaining his clearly hawkish stance on rates, there’s been no real shift in my broader market outlook.

Powell’s tone this week offered little deviation from prior messaging—persistent inflation concerns, no urgency to cut, and continued emphasis on “higher for longer” monetary policy. That posture alone is enough to undercut any expectation for a relief rally even in the event of geopolitical de-escalation.