10-year yields are up 3.7 bps to 1.563% currently, near the highs for the day as all eyes will be on the auction later in the day at 1800 GMT.
Before that, we'll be getting US February CPI data but I wouldn't expect that to really tip the scales in the market considering that the Fed will still easily brush the report aside.
The dollar is mildly higher on the day but off the highs seen at the start of the session, with US futures also turning a little lower now. The nerves are starting to show as Nasdaq futures are now down 0.6% after having been 0.2% higher earlier.
Further Development
Analyzing the current trading chart of Gold, I found that there is test of the important resistance pivot level at $1,725/30, which is sign that there is potential for the downside rotation.
My advice is to watch for selling opportunities on the rallies with the downside target at $1,680.
Stochastic oscillator is in overbought zone, which is another confirmation for further downside rotation....
Key Levels:
Resistance: $1,725/30
Support level: $1,680.
