Recent sessions have not been favorable for gold price action in the short term, as XAU/USD has lost approximately 12% of its value over the last five trading sessions. This has led to the emergence of a consistent bearish bias in recent movements of the metal. Selling pressure can be explained, in part, by gold’s negative reaction to the growth of substitute markets such as U.S. bonds. Additionally, despite the fact that market confidence remains unstable, gold has not been able to maintain its safe-haven status in the short term, which could continue to support ongoing selling pressure in the coming sessions. ... (full story)