Bond yields continue their sharp rise as traders bet on a quick reflation scenario. One of the major victims is Gold – there is a strong negative correlation between yields and Gold prices as we were showing at the last weekly webinar. Gold prices were underpinned by $1765 level for a while but a surge in yields eventually was too much and now we can see prices moving towards the lower limit of a channel with still plenty of room and horizontal $1680 level along the way. Do notice how 50 and 75 LWMAs now work as a resistances – another sign of a possible trend reversal.

Cocoa gains 4% trying to rebound from the 2-week low π
π Gold loses 1.5%
BREAKING: NATO considers a Hormuz deployment if the Strait not open by July
Nickel gains as Indonesia plans tightening commodities export controls π