Dollar and Gold Rally Together as Treasury Yields Climb

Week wrap Bullish bias Oct 9, 2026, 21:34 UTC

James WhitmoreChief Market Strategist · ForexR analyst

The dollar and gold advanced together this week as a Treasury sell-off resumed, while EUR/USD, GBP/USD and AUD/USD slipped and USD/CAD held right at its daily pivot.

Weekly Overview: Dollar and Gold Advance Together

With cash forex shut for the weekend, the last prints of the week show EUR/USD at 1.12014, sitting between S1 at 1.11768 and the daily pivot at 1.12095, while Gold (XAU/USD) closed at 4194.39, between its daily pivot at 4177.87 and R1 at 4224.84. The two moves ran in tandem this week: a firmer dollar against most majors alongside a bullion rally that kept pushing higher regardless.

Treasury Sell-Off Resumes to Underpin the Dollar

US Treasury yields closed higher on October 9, with the 2-year at 4.80% (up 5 basis points) and the 10-year at 5.24% (up 2 basis points) versus the prior close, leaving the 2s10s curve at 44 basis points. That backdrop sits alongside a week in which EUR/USD, GBP/USD and AUD/USD all carry a down daily trend against the dollar, a tone also visible on our currency strength meter.

EUR/USD's daily and four-hour trends both point down, with a daily RSI of 24.9, among the lowest readings across the group covered this week. A reclaim of the pivot at 1.12095 (see our guide to how pivot points work) would be needed before R1 at 1.12321 comes into range; a slip back under S1 at 1.11768 would extend the slide. GBP/USD sits between its pivot at 1.32314 and R1 at 1.32577 with a daily RSI of 40.4, and AUD/USD trades between its pivot at 0.69737 and R1 at 0.70002 with an RSI of 41.3 despite a down daily trend. USD/CAD closed right at its daily pivot of 1.42554, with an up daily and four-hour trend and a daily RSI of 69.7, among the highest readings in this wrap; R1 at 1.43051 is the next level higher, S1 at 1.42134 the level that would mark a reversal.

CFTC data for the week to October 6 showed speculators adding to net-short EUR/USD, net-short GBP/USD and net-short AUD/USD positions, while also adding to net-long USD/CAD — a positioning shift consistent with broader dollar demand over the period. The same report showed speculators adding to net-short USD/JPY even as that pair's daily RSI of 55.7 and up four-hour trend pointed the other way.

Gold and Silver Extend Their Rally

Gold's own daily trend reads down even though the metal is up 1.48% on the day and 1.33% over five days, with the four-hour trend mixed and a daily RSI of 45.7 — a case where the shorter-term move and the labeled daily trend disagree. A push through R1 at 4224.84 would keep the advance intact; a drop back below the pivot at 4177.87 would hand the initiative back to sellers. Coverage from FX Street and FXEmpire this week largely framed the joint advance in the dollar and gold as a two-sided story: renewed Treasury weakness lifting the greenback, and fresh haven demand lifting bullion and silver alongside it, according to FX Street's report on the dual rally. The CFTC report for the week to October 6 showed speculators trimming net-long Gold (XAU/USD) even as the metal pushed higher into the end of the week.

Majors, Crypto and Risk Assets Wrap

USD/JPY sits between its pivot at 158.125 and R1 at 158.54, with an up four-hour trend and a daily RSI of 55.7; speculators added to net-short USD/JPY in the week to October 6. Forex.com's and FXEmpire's dollar-pair notes this week pointed to a broadly dollar-led tone running through major-pair price action, a theme echoed in Forexcom's separate look at the Australian dollar's short-term rebound.

Bitcoin (BTC/USD) closed at 82411.26, just under its pivot of 82412.60, down 3.95% over five days despite a 0.81% gain on the day; the four-hour trend is down against a mixed daily trend, with S1 at 81378.94 below and R1 at 83298.06 above. Speculators added to net-long Bitcoin in the latest CFTC report. Ethereum (ETH/USD) is down 7.66% over five days, between S1 at 2389.77 and its pivot at 2487.72, with a daily RSI of 37.5. The Nasdaq 100 (US100) carries an up daily trend and a daily RSI of 61, trading between its pivot at 30873.8 and R1 at 31032.5, with speculators adding to net-long positioning in the week to October 6. WTI Crude Oil (XTI/USD) also holds an up daily trend, between its pivot at 90.589 and R1 at 91.729, even as speculators reduced net-long exposure over the same week.

What's on the Calendar Next Week

The week ahead opens with a cluster of medium-impact events on Monday: an IMF Meeting involving the US, a speech from the BoE's Breeden, a speech from the ECB's Vujčić, a second BoE speech from Mann, and a speech from the Fed's Hammack. None carry a previous or estimate figure in the calendar, so none offer a surprise read ahead of time; full scheduling details are available via our guide to using an economic calendar.

Bottom Line

The dollar closed the week firmer against EUR, GBP and AUD, with USD/CAD parked at its pivot, against a backdrop of rising Treasury yields and a CFTC report showing speculators leaning further into those dollar-positive positions as of October 6. Gold's own daily trend reads down even as the metal gained on the day and the week, a split worth tracking into a calendar dominated by central-bank speeches rather than hard data.