Should it stay or should it go?
Gold is waiting for some clear direction. Will yields surge higher faster than inflation expectations? If yes, and the USD rises too, expect gold to move lower. Or will yields drop and inflation expectations rise? If yes, and the USD falls, then expect gold to move higher. So gold is paralysed at the moment waiting for either of these two scenarios to play out. (There is a third option, but we will leave that in favour of the tradable outcomes).
If you want a quick lesson you can read this post on trading gold which explains how real yields and the USD impact gold. Get this down and you are basically 90% of the way to having a handle on gold.
So, as gold asks, “Should I stay or should I go?'” you will know the answer.