I've listened to a gold bull when asked if gold=inflation hedge or gold favors low cost of capital(yield). Unfortunately the narrative is diverging since pandemic with record momentum of QE. Currently your view is more correct, bond yield rise, gold down. Confusing the issue is the speculation of Feds yield curve suppression. The US jobless on Friday suggest that even though the number beat expected, headline rate rose hence yield fell.
DXY fell too but from the gold chart, Friday's rally does not change much on the technicals. It will have a small mountain to climb off last month's jobless so I suspect a dead cat bounce with another leg down from here on.
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