Having a look at two key factors for gold prices, namely US 10-year yields and US dollar, one might get the impression that there have been some inconsistent signals these days. On one hand, EURUSD tends to rebound. On the other hand, TNOTE has been falling (US 10Y yields are rising). A long term pattern indicates that the lower US 10Y yields, the higher both EURUSD and gold prices. One might notice that EURUSD and gold convergence occurred today, but the distance has already been cut by half. In theory, a convergence should indicate a strong move. Given the fact that gold prices have fallen towards a local low, some might view that as a positive outlook for the precious metal. Nevertheless, market bulls might be confused as yields have been rising rapidly due to inflation expectations. The area at $1,860 is now a critical level for gold. EURUSD would need to fall below 1.22 mark.
Gold prices did catch up with EURUSD, but TNOTE has been left behind. Source: xStation5
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