Bloomberg Market Wrap 7/2: Gold Prices, S&P 500 Momentum

The video discusses recent trends in the gold market, highlighting a significant rally and the breaking of key technical levels. It also examines the S&P 500's performance, noting new highs despite low momentum as indicated by the relative strength index. The analysis suggests potential implications for the dollar and a possible risk-on period.

Discuss the significance of the recent gold price movements in relation to historical trends.

What does the analysis suggest about the potential future movements of gold and the dollar?