Fundamental OverviewThe global market rout on Monday eventually weighed on gold. The reasons for the drop lie in the movement of real yields and liquidations due to the need of cash in extreme scenarios. In the big picture, real yields are falling, which is a good thing for gold, but in extreme cases when inflation expectations fall faster than nominal yields, real yields can rise and hurt gold. This is something that happened in the last two recessions. An aggressive stock market selloff like we’ve seen on Monday generally triggers such dynamics. Things stabilised since then and the market is now consolidating around a support zone. Gold Technical Analysis – Daily TimeframeOn the daily char
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