FXStreet notes that gold rose 0.7% to $1776.51/oz last Friday and is now trading at its highest since late February. Howie Lee, Economist at OCBC bank, turns neutral in the near term, however, he notes XAU/USD could suffer more pressure long-term as US Treasury yields resume their uptrend. 

“Our model suggests a fair value range of $1671-$1775/oz for gold at current inputs, which means at current levels, gold is not too far off its fair value estimation.”

“We close our tactical recommendation of short gold and stay neutral on the precious metal in the short-term.”

“Longer-term, we expect the possible resumption of rising Treasury yields to pressure gold down once more.”