The yield curve is still doing no better than potentially bottoming, but when viewed nominally and side by side, the 10 and 2 interest rates appear to be considering different courses. The 10 is still up trending and the 2 is breaking down.

That would of course be a positive for the yield spread and a negative for most other assets (esp. with the curve rising in a declining short-term yields scenario) and could be a positive for gold.  Imagine if long-term yields were to rise (not predicting it, merely riffing) and short-term yields were to decline?  Wow. For now, I’d just settle for a curve rising under the pain of short yields dropping faster than long yields (i.e. DEFLATION!)

Click on picture to enlarge

[edit] By ‘breaking down’ I mean the 2015 up channel on the 2 year.  An actual down trend would not be indicated until it makes a lower low to April.