Gold finds its footing just as the dollar’s long climb may be running out of road

Chart of the day: Gold | 23. July 2026

US stocks drifted through Wednesday without direction. The S&P 500 slipped 0.14%, the equal-weight index and the Dow finished about unchanged, the Nasdaq fell 0.57%, and the Russell 2000 lost 0.92%. The stronger moves happened away from equities. Brent jumped 3.3% higher to around $94 as the situation in the Middle East deteriorated further, gold climbed 1.3%, silver rose 1.4%, and Treasury yields finished higher across the curve while the market shifted its Fed expectations in a hawkish direction. Bitcoin slipped 0.75%.

Earnings delivered strong order numbers from the AI build-out. For our cycle work, the story of the day sits in the currency pair and the hard assets behind it. The model hands its strongest topping signal (the market is in a time window where the rise could stall or reverse) to the US dollar on the very day the euro future enters the bottoming table (a time window where the decline could end), both readings driven by the same 306-day cycle, while the entire metals complex behind gold steps toward a turn in unison and gold’s price has begun to move higher behind the call.

Each day we filter roughly 45 global markets (equity indices and sectors, metals, energy, agriculture, crypto, FX, and rates) through our cycle consensus engine. The key reading is the Consensus Score, which ranges from -100 to +100 and measures how strongly the dominant cycles of a market agree on a potential turning point. Values at or beyond ±60 mark the critical zone, the range where the cycle model raises the alarm for a possible turn and a market earns a place in the tables below. Let’s take a closer look.