Correlation between TNX and XAU & XAG !...
We observe that starting from 1st April until 3rd August , TNX has dropped continuously and XAUUSD increased as a response to this action.
In a similar way, TNX has been increasing gradually since early August , and there is a pullback in XAUUSD.
In my opinion, the destiny of Gold ( or in general ) precious metals ( i.e. XAGUSD as well ) is highly correlated and dependent on the TNX ( 10-year treasury note yield ).
So, in the next two weeks, I will be watching TNX closely to take a position in Gold ( short or long.. ) we will see..
Please keep in mind that TNX is forming a triangle here and I see higher-lows in the past two weeks. Breakout level is around 1.00 - 1.10 I think...
( This is my own view and definitely not a trading advice. )
In a similar way, TNX has been increasing gradually since early August , and there is a pullback in XAUUSD.
In my opinion, the destiny of Gold ( or in general ) precious metals ( i.e. XAGUSD as well ) is highly correlated and dependent on the TNX ( 10-year treasury note yield ).
So, in the next two weeks, I will be watching TNX closely to take a position in Gold ( short or long.. ) we will see..
Please keep in mind that TNX is forming a triangle here and I see higher-lows in the past two weeks. Breakout level is around 1.00 - 1.10 I think...
( This is my own view and definitely not a trading advice. )