⚖️🔻Gold Relative Strength Detached From Yields: Cable FX Macro

• Spot gold tested levels below $2,000/oz before reversing losses for the month. We have now seen CPI weakness pared back completely

• The development is interesting as yields continue to hold ground. The U.S. 10-year is now closer to 4.30%, about a 40bps gain since January

• Levels to watch will be the Feb. 7th high at $2,044.60 before the MTD high at $2,065.48

• Oddly, gold is mostly unchanged in February but losses beyond 3% stand more in line given the magnitude of the move in 10y yields