The precious metal fell near 5½-year lows on Thursday after the second-quarter GDP number showed the U.S. economy is growing at a steady rate and comments from Fed Chair Janet Yellen on Wednesday pointed to the notion of a September rate hike.
Gold is now down 13 out of the past 15 trading sessions, and according to one highly regarded technician, it’s about to get even worse.
“I think we have to recognize that gold is in a structural bear market,” Louise Yamada, managing director of Louise Yamada Technical Advisors, said Thursday on CNBC’s “Futures Now.”
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