It is challenging to make a case for gold in the rising Treasury yield environment. XAU/USD extended its downfall, changing hands at around $1,720 and strategists at OCBC Bank think the yellow metal may see further downside for now.
Key quotes
“Rising Treasury bond yields have perhaps hurt gold the most and it is now difficult to ignore gold’s bearishness.”
“On the chart, it has now made a series of lower highs and lower lows.”
“We turn bearish on gold in the short-term and stay neutral on gold in the medium-term.”
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