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