Markets Seek Return to Risk-On as Gold Rebounds, US Yield Curve in Focus
The financial markets open the week with two interesting developments. On the one hand, a return to moderate risk-on sentiment is benefiting equities and pushing the technology sector back above 55 points on our score (the first time since last June). On the other hand, signals of a recovery in gold are becoming increasingly evident, with the Dollar/Gold ratio breaking above its long-term moving average.
The greenback’s neutral phase, combined with expectations of a more moderate path for interest-rate hikes, is supporting the move higher in bullion. Gold currently stands at 56 points on our score, marking the first time in three months that it has moved above the 55-point threshold.
The situation surrounding the US yield curve is also worth monitoring. While the short- to medium-term segment is showing signs of a slight reduction in steepness — partly, though not exclusively, due to Friday’s US employment data — the long end of the curve remains decidedly steep.
Ahead of the US inflation figures, due tomorrow, sentiment remains between neutral and moderately positive. Futures point to a broadly flat opening for both European and US markets.
Market Weather Map
August 10, 2026
US Equities
Eu Equities
Asia Equities
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Dollar Index
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Market Summary
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Financial markets are currently showing moderately positive sentiment. Intermarket analysis indicates a Market Health Score of 64/100, corresponding to a moderately positive outlook.
As far as our intermarket dashboards are concerned, the most interesting development remains the move in gold. The Dollar/Gold ratio has broken above its long-term moving average and is back at levels last seen in late May. At the same time, the Dow/Gold ratio has fallen below its 50-day moving average, while the Oil/Gold ratio remains below its long-term moving average.
All of this is taking place in a context of moderately positive sentiment, with the S&P 500/VIX ratio in risk-on territory and the S&P 500/Nasdaq ratio around its 50-day moving average. Inflation expectations also appear to be stabilizing. Gold’s recovery therefore appears to be driven primarily by the weakening dollar and expectations of stable interest rates, rather than by a flight to safe-haven assets.
Looking at the individual asset classes, equities continue to confirm their short-term bullish setup, while global bonds are showing signs of stabilization but remain compressed between their medium- and long-term moving averages. Commodities are also experiencing a consolidation phase around their medium-term moving average.
Our market “weather map” confirms the latest developments. Gold has risen to 58 points, with its momentum component gaining 16 points over the past week. Equities remain in neutral territory but are continuing to improve their score, approaching the 60-point mark, with the technology sector at 56 points.
At the other end of the spectrum, crypto and bonds remain below the 50-point threshold, while the US dollar remains in a state of absolute neutrality.
It is worth noting that the latest US labor-market data has slightly softened the steepness of the US yield curve. Short-term Treasuries gained 9 points in a single session, while medium-term Treasuries rose by 10 points. Long-term Treasuries, however, remain very weak.
Global Futures – Pre-Market Sentiment
Pre-Market Futures: Global futures point to moderately risk-on sentiment (+0.23% on average), with US futures slightly positive (+0.02%), European futures slightly negative (-0.09%), and Asian futures positive (+0.57%).
- Taiwan: +1.80%
- Nikkei 225: +0.84%
- CSI 300: +0.83%
- FTSE 100: -0.25%
- IBEX 35: -0.15%
- Russell 2000: -0.10%
Macroeconomic calendar
The day ahead does not feature any particularly significant macroeconomic catalysts. Yesterday, China released its July inflation figures, which showed a sharper-than-expected slowdown.
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NOTES AND WARNINGS
Data compiled by kbmeter.com. Analysis date: 10 August 2026 - 7:37 AM GMT+1
This content is provided for informational purposes only and should not be considered financial advice. All scores and assessments are based on the previous trading day’s closing prices. Futures indications refer to the date and time of the analysis.
