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Another video on bitcoin.
$USDJPY made a higher high in July vs the May high. That is the only currency cross that matters here. Not sure what your TDameritrade is tracking.
The inverse of that cross, $XJY made a lower low in July vs the May low. So we already had a left translated daily cycle, just like gold.
But really, you should track the yen cycle using $USDJPY IMO.
The stockmarket is in trouble (getting nowhere) not Gold.
Stocks are dropping into a completely normal half cycle low.
The Nasdaq 100 is trying to break through the 6000 milestone. Once it does we will be off to the races and on our way to 10,000 (in the Nasdaq composite).
Love how many on social media are warning of a market top. SPX should see 2600 maybe even by early 2018.
I wonder if gold bottomed around this 1300 level. With the two madmen threatening to obliterate one another almost daily now maybe that gives gold a floor of around 1300 from which to proceed higher?
1. Bottom around these levels and then attack $1,400.
2. The next daily cycle fails to make a new high, rolls over and drops below $1,204 (a left translated IC)
3. A short cycle that peaked at $1,362 but bottoms above the July $1,204 low.
And Gary says 3. Certainly has as much possibility as the other 2.
The stock operators may want to help lifting gold this morning.
The gap might be closed by 10L00 AM or if we have high volume at the open, a bounce say to $1305-$1310 may hold. Today is a Friday, not usually a hot day but a concluding day.
My current take is that gold will come close to hit the upper descending trend line,
This means today might be a good day.
USD and bond yields are down which supports the view.
I hope we will have volatility, and not a boring day.
If USD breaks out of the downtrend to upside, there will be a solid pullback in commodities, currencies like yen, pound & euro, overvalued stocks, etc. USD gathers strength, but it is still in a downtrend. PMs are weak even with declining USD and the crazy rocketman. I would not bother catching intermediate countertrends…
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