Sometimes, it’s not worth overcomplicating things. While the (negative) correlation between real yields and gold has deteriorated in recent months, after-inflation interest rates remain one of the biggest factors driving the performance of the yellow metal. With the benchmark US 10yr Treasury yield carving out a potential near-term bottom last week and rising to a two-week high today, gold accordingly topped out last week and has fallen to a two-week low. Now moving forward, the key level for bond and gold traders to watch will be the 4.31-2% level that has served as consistent support/resistance dating back to at ... (full story)