Gold Price Forecast: Searching for a Bottom - Levels for XAU/USD
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Gold Price Outlook:
As global bond yields, but US rates in particular, continue to creep higher, gold prices remain beleaguered.
Gold prices are nearing a key Fibonacci retracement for the period covering the 2015 low to the 2020 high.
According to the IG Client Sentiment Index, gold prices have a mixed bias.
Gold Prices Dig to New Lows
Gold prices are mired in a slump that has seen its year-to-date performance dip into double-digit negative territory coming into this week. As global bond yields, but US rates in particular, continue to creep higher, gold prices remain beleaguered. The simple reality is, gold doesn’t offer a coupon, dividend, or cash flow, leaving the shiny rock at a relative disadvantage in an environment defined by appealing growth prospects and rising real yields (returns in excess of inflation).