Chart of the Day - Monday, February 22nd, 2021

Today’s Chart of the Day was shared on Twitter by Nautilus Research (@NautilusCap). It's a weekly bar chart of the US 10-year Treasury yield over the past decade. Nautilus Research points out that the 10-year yield is currently testing a key level around 1.35%-1.45%. This level represents the 61.8% Fibonacci retracement of the 2018-2020 decline. It's also former support, so it could potentially act as resistance now that we're testing it from below. On the other hand, the Copper/Gold ratio suggests the 10-year yield will move significantly higher from here. Will the Copper/Gold ratio be correct here? Or, will the 10-year yield bump its head on resistance and continue trending lower? Either way, we'll likely get an answer to these questions soon, so keep an eye on this crucial level.