Today we will talk about 10Y US Notes (treasury bonds) and its correlation with gold .
Well, as you may already know, treasury bonds and gold are in tight positive correlation and gold is currently down mainly because of 10Y US Notes.
However, a decline looks corrective as we see 10Y US Notes trading in an A-B-C decline, while gold is in a more complex W-X-Y correction, but support may not be far away. While 10Y US Notes can be looking for a support around 132 level, gold may face strong support around 1700 level.
Just please keep in mind that we need confirmations, so only if we see strong and impulsive bounce from projected , only then bulls could be back in the game.
All the best and trade well!
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