termarket Outlook: Gold vs. US Dollar vs. 10Y YieldsGOLD (US$/OZ)TVC:GOLDWreks📌 Intermarket Outlook: Gold vs. US Dollar vs. 10Y Yields Gold continues to outperform major macro instruments, advancing +71.6% YTD, while the U.S. Dollar Index (DXY) declines –5.37% and the 10-year Treasury yield drops –6.28% over the same period. The divergence highlights a strong intermarket shift toward defensive and alternative stores of value. 🟡 Gold (XAU/USD) – Structural Uptrend in Play The metal has maintained a consistent sequence of higher highs and higher lows, supported by strong inflows into safe-haven assets. Price has already extended beyond key Fibonacci expansion zones, with the next projected levels at: 1.618 extension: ~4,687 2.618 extension: ~5,182 3.618 extension: ~5,676 4.236 extension: ~5,982 As long as price holds above its most recent demand zone, the bullish structure remains intact. 💵 U.S. Dollar Index (DXY) – Persistent Weakness The dollar continues to trade within a broad corrective phase, marked by a series of lower highs and reduced upside momentum. The inability to reclaim structural resistance levels signals waning confidence in further monetary tightening and a potential shift in capital flows away from USD. 🟢 U.S. 10Y Treasury Yield – Defensive Demand Theme The decline in long-term yields reflects increasing demand for Treasury bonds and a broader market expectation of: Slower economic and inflation conditions A potential pause or future moderation in Federal Reserve policy Preference toward capital preservation rather than yield chasing Falling yields historically support higher gold prices due to the reduced opportunity cost of holding a non-yielding asset. 🔗 Intermarket Relationship (CMT Framework) Macro ShiftMarket Effect 📉 Weaker USD📈 Bullish for Gold 📉 Lower 10Y Yield📈 Bullish for Gold 📈 Higher Yield & Fed Tightening📉 Typically Bearish for Gold Current market behavior matches a classic Gold-Supportive environment: weaker dollar + declining yields + elevated risk hedging. 🎯 Strategic Takeaway Gold remains technically favored as long as the intermarket structure continues to support defensive positioning. Any sustained reversal in DXY or 10Y yields should be monitored closely as a potential headwind to the current trend. In the current cycle, the U.S. Dollar and Treasury yields are the key directional catalysts. As long as they remain under pressure, gold retains a strategic upside bias.