The sharp fall in yields recently coincided with a rally in gold. The slide in yields in not yet over, the sequence should be in five waves [i,ii,iii,iv,v] before we see a rebound. This five-wave sequence is wave (iii). there is more downside in the 10Y yield which means more upside in gold. However as I expect a rally in the stock market in the next few days, and gold does not perform when stocks rally, the positive influence from falling yields will be offset by negative influence from the stock market. Therefore gold could go sideways.
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