If US 10Y falls gold will go up, I think yields will fall in the short term. Furthermore a decline in the stock market is also bullish for gold. If my forecast is correct on both S&P (down) and 10Y yield (down) gold will rally to 1540 to complete wave b (circle) of a potential triangle [a,b,c,d,e (circle)]. This forecast on gold is in line with yields, I expect yields to go sideways after the pullback. If yields go sideways gold will go sideways (triangle).
Longer term my forecast on S&P is up and 10Y yield sideways. This is why there is a good chance gold will not continue to rally for weeks or months. Once at 1540 it will pullback for wave c (circle) near 1480.
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