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From the low at 1292.6, gold /gc advanced to 1325.9.
61.8% retracement level = 1305.32 (1305 was touched this am in globex)
78.6% retracement level = 1299.73
1300 is also an important line in the sand for the gold price. I am expecting heavy buying there. Not sure if we get there today, 1305 has been pretty well defended so far.
The reason for the daily cycle low is well explained here
http://www.informationclearinghouse.info/article39123.htm
But we know that already, don’t we!
Gary- what are your latest thoughts on the Long Bond? This rally seems to have legs, unfortunately.
Bonds are every bit as artificial as the currency markets. I’m still of the opinion that the 30 year bull market is over in bonds but it’s going to take time to break free of the constant Fed intervention.
Bond yield will eventually rise, because the fundamental will prevail, but the 10-yr won’t be above 4-5%, the old days are gone forever, it’s in a primary downtrend which crosses multiple secular cycles, and so far I don’t see the end of it.