Pick of the week: The Gold Price - xtb.com

AI desk brief

Gold is under pressure as oil tops $100/bbl and global bond yields surge, with the piece arguing that higher borrowing costs and an aggressive rate-hike backdrop are weighing on a non-yielding asset. The note says gold is still holding above $4,000/oz — a key support — but has fallen 10% in a month and slipped below $4,200/oz, putting $4,110, then $4,000 and $3,985 (mid-June low) in focus on further downside.

On the upside, XTB says a meaningful recovery likely needs a weaker USD and a return of the “dollar debasement” trade; the dollar is still up 2.5% over the past month and attracting safe-haven flows despite sharp Treasury losses. Initial resistance is seen at $4,200 and then $4,300 if oil eases or the dollar rolls over.