US Treasury 10-year yields (%) daily chart
This carries over from the narrative last week here. 10-year Treasury yields did see a weekly close above 4.30% and that is the highest since 2007, with there being a slight extension today with yields moving up to 4.35% currently.
Bond bulls are continuing to find it tough to go up against the selling in the past few months as the trend continues to play out.
If bond yields are not going to relent and turn lower, there is going to be a heavy weight on equities and that will in turn keep the dollar rooted in a decently firm position as it is now.
Gold has been a bit of an exception to the recent developments in the past few sessions, with a bounce observed at $1,900 again. But if higher yields are here to stay, that will be a hint of caution for gold bulls in hoping for a stronger bounce to come from this latest rebound.