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YIELD and GOLD: Hearing the Beat of Inverse Drummers


Still sinking oil and copper prices, as well as sluggish wage growth-- and now weakness in equity prices this morning--all are combining to pressure 10-year Yield, which is now at 1.93%, or 10 bps below Friday's Jobs Report recovery high.

Purely from a technical perspective, only a sharp rally above 2.03% will argue that Yield has put in a meaningful bottom in and around the 1.90% area.

As for spot Gold, it is acting extremely well, given the constant headwind of a rising US Dollar (DXY) and otherwise growing deflationary perceptions.

Something is going on in the Gold market that is grinding it higher in an impressive display of relative strength.

My next optimal target zone is $1240-$1244. Key near-term support rests at $1218.00.

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