Spot gold has surpassed -- and is holding above -- its prior significant rally peak at $1307.40, which has the look of completing a meaningful April-June rounded-bottom pattern, which, if accurate, indicates that gold has entered a new upleg from its May 30 pullback low at $1199.84. Next target is to $1440-$1470.
Only a break below the post-Brexit spike low at $1244.74 will wreck the developing bullish setup.
As for 10-Year yield, the referendum reaction represents the third time in 2016 that yield has approached or pierced 1.50%, which for the third time appears to be containing a falling yield structure.
I'm watching this carefully for another buying opportunity in TBT.