UST-Gold Correlation Hits Record; 76.4% Fibonacci Levels Intact
Source: BFW (Bloomberg First Word)
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(Bloomberg) -- U.S. 10-year Treasury yields and spot gold have seen their 30-week rolling inverse correlation hit a record at -0.98, Bloomberg technical analyst Sejul Gokal writes.
Alert: HALISTER1- See LIVE chart
- Following the breakout moves in the aftermath of U.S. elections, both have recently defended their long-term 76.4% Fibonacci levels at 2.64% and 1,124 respectively (see here)
- Correlation analysis:
- 6-month r-squared at +0.93 vs +0.36 seen in previous 6- month study period (01/2016-06/2016); standard error of beta has gone down by almost 10x vs level exhibited in first half of 2016
- NOTE: Sejul Gokal is an technical strategist who writes for Bloomberg. The observations he makes are his own and are not intended as investment advice.
Source: BFW (Bloomberg First Word)
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UUID: 7947283