U.S. 10-Year Yield Targets 6% After Breakout
Chris Kimble | Aug 03, 2023 03:01
Interest rates remain in the spotlight, with investors watching every economic data release and wondering when the Federal Reserve will stop raising rates.
Well, one way to gauge this environment is to watch the United States 10-Year Treasury bond yield. And as you guessed, it’s been heading higher for a while now.
Today’s long-term quarterly chart highlights a historic Fibonacci breakout resistance level at (1).
The 10-year yield is testing the 23% Fibonacci retracement level right now. This HUGE test for yields continues.
Should the 10-year breakout and close the quarter above (1), it would open up the potential for yields to move to the next Fibonacci target of around 6%. There’s a lot at stake here for consumers and bond traders.
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