IAUM - Further Drift Down In 10-Year UST Real Yield Supports Bullish Narrative In Gold (Technical Analysis)
2024-07-09 10:05:00 ET
Summary
- Recent rebound in WTI crude has remained below US$90/barrel, which in turn led to a softening of inflationary expectations via the breakeven rates.
- A further downward drift in the 10-year US breakeven rate may cause a further drop in the 10-year US Treasury real yield.
- Lower opportunity costs in holding gold support the potential start of another medium-term bullish impulsive upmove sequence above US$2,285 key support.
By Kelvin Wong
This is a follow-up analysis of our prior report , “Gold Technical: On the brink of a potential multi-week corrective decline” published on 10 June 2024. Click here for a recap....
Further Drift Down In 10-Year UST Real Yield Supports Bullish Narrative In Gold (Technical Analysis)