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Is gold's rally over? Here are key indicators to find where it is headed

Unprecedented global stimulus, negative real rates and a weakening dollar pushed bullion to a record high above $2,075 an ounce in early August

Photo: Bloomberg
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The key driver of gold right now is the dollar. Photo: Bloomberg

Eddie Spence | Bloomberg
Gold’s slump this week is forcing investors to ask whether the haven asset is taking a breather or facing an even sharper decline.
 
Unprecedented global stimulus, negative real rates and a weakening dollar pushed bullion to a record high above $2,075 an ounce in early August. While some banks, including Goldman Sachs Group Inc. and Bank of America Corp., forecast even higher prices, a resurgent dollar has seen gold give up some of its gains.

Is this merely a temporary setback for the precious metal? Here are five charts that provide hints as to where gold goes next:

Dollar Dominance

The key driver