Gold (XAU/USD) plunged below $1,700 on Thursday, as Treasury yields jumped after Chair Powell failed to provide a forceful pushback against the recent surge in yields. The yellow metal is set to fall towards the $1,660 region, according to strategists at TD Securities. See – Gold Price Analysis: Rising real yields raise the prospect of a serious XAU/USD fall – Credit Suisse Key quotes “Gold is looking for a bottom but is only likely to reach it when the US central bank acts to convincingly prevent rates from moving higher. After all, real rates will likely remain negative as the Fed attempts to engineer an inflation overshoot, and there is a growing risk that massive and growing public debt may be monetized.” “XAU/USD can soon drop towards $1,660 amid a technical breakdown as trend followers add to their shorts. A stronger USD, and physical traders using gold to raise dollars in order to capitalize on higher yields, also helped to drive capital out of the metal.” FX Street FX Street FXStreet is the leading independent portal dedicated to the Foreign Exchange (Forex) market. It was launched in 2000 and the portal has always been proud of their unyielding commitment to provide objective and unbiased information, to enable their users to take better and more confident decisions. View All Post By FX Street FXStreet News share Read Next Stellar Price Prediction: XLM on the brink of a 35% move according to key indicator FX Street 1 year Gold (XAU/USD) plunged below $1,700 on Thursday, as Treasury yields jumped after Chair Powell failed to provide a forceful pushback against the recent surge in yields. The yellow metal is set to fall towards the $1,660 region, according to strategists at TD Securities. See - Gold Price Analysis: Rising real yields raise the prospect of a serious XAU/USD fall - Credit Suisse Key quotes "Gold is looking for a bottom but is only likely to reach it when the US central bank acts to convincingly prevent rates from moving higher. After all, real rates will likely remain negative as the… Regulated Forex Brokers All Brokers Sponsored Brokers Broker Benefits Min Deposit Score Visit Broker 1 $100T&Cs Apply 0% Commission and No stamp DutyRegulated by US,UK & International StockCopy Successfull Traders 9.8 Visit Site FreeBets Reviews$100Your capital is at risk. 2 T&Cs Apply 9.8 Visit Site FreeBets Reviews$100Your capital is at risk. 3 Recommended Broker $100T&Cs Apply No deposit or withdrawal feesTrade major forex pairs such as EUR/USD with leverage up to 30:1 and tight spreads of 0.9 pips Low $100 minimum deposit to open a trading account 9 Visit Site FreeBets ReviewsYour capital is at risk. 4 T&Cs Apply Visit Site FreeBets ReviewsYour capital is at risk. 5 Recommended Broker $0T&Cs Apply Trade gold, silver, and platinum directly against major currenciesUp to 1:500 leverage for forex trading24/5 customer service by phone and email 9 Visit Site FreeBets ReviewsYour capital is at risk.
