$GLD broke out post-Jackson Hole — which tracks. Powell's tone on rates staying higher for longer typically pressures real yields, but this move looks like a positioning unwind into safe-haven flows rather than a sustained inflation hedge. That's exactly why we're short here. The technical breakout doesn't change the underlying thesis: if the Fed holds firm and growth stays resilient, gold's bid fades. Watching real yields and the dollar closely — both need to cooperate for this short to work, but the setup favors mean reversion over continuation.