Mike Magellan: Gold and Bitcoin face high yield pressure on US Treasury bonds

Michael McGlon, a commodities strategist at Bloomberg, said that the yields of gold, Bitcoin and the 10-year US treasury bond bonds face key resistance levels of $4500/oz, $80000 and 5% respectively. Gold and crypto assets peaked after breaking through US $5000 and US $100000, both of which have recently rebounded from important support positions near US $4000 gold and US $60000 BTC. However, currently non yielding, speculative and highly volatile assets are facing the pressure of US 10-year treasury bond bond yield rising to 5%. (Source: Bloomberg)