Gold Vs US 10-year yield(good to sell on rallies)

#XAU/USD#

Gold is trading below $4050 as US Treasury yields gained momentum. Having reached an intraday low of $4046, it is now at $4045.

The recent jump in the US 10-year Treasury yield to about 4.7 percent has been triggered by several factors, including the belief among market participants that the Federal Reserve has underestimated inflation, especially after three FOMC members voted for a rate increase while the Chaired Kevin Warsh sounded dovish. Further pressure came from rising energy prices after the geopolitical tension in the Middle East, a big increase in treasury issuance to finance mounting budget deficits, and a strong economy that has cut the probability of further rate reductions, thereby prompting investors to demand higher yields to offset the inflation risk and huge supply overhang.
Technicals CMP -$4043 Trend
4- Hour chart Value    
55 EMA $4062 CMP <55 EMA Bearish
200- EMA $4127 CMP <200- EMA Bearish
365- EMA $4241 CMP <365 EMA Bearish
 Near -term support -$4000. Major bearishness below $3940. Any violation below $4000 targets $3980/$3940. Near-term resistance - $4085/$4116/$4145/$4205/$4245.
Momentum indicator (4-hour chart) Inference Value
CCI(50) Bearish -17.48
ADX Neutral

 It is good to sell on rallies around $4058-60 with SL around $4120 for a TP of $3940/$3900/$3800.