That double top was pronounced. It's been a wild week.With Trump...

That double top was pronounced. It's been a wild week.

With Trump winning and one of his major policies was a BTC Sovereign fund, this has sent the crypto markets parabolic. It's a major 'risk on' environment that has sent WAF lower 20%, POG ~7% from the high, BTC approaching 90K USD, and money moving rapidly into risk on. Gold has taken a dump and although the picture hasn't changed, there are major down forces playing on the gold equities market right now. Another rate cut was snuck in the middle of all this and it didn't do much to stoke the POG or support the freefall. Overnight dipped back around $2590 and found some support there, but who knows if that's gonna hold.
Add to this with neighbour Mali detaining Australian Directors and we've got a narrative of West Africa showing hostilities to western Investments. Both Mali and Burkina Faso are part of the 'Bloc' so there is major nearology/Junta concern that this may spread? I don't know but for me right now I've found it safer to take money off the table, not advice just my personal Instinct..certainly in this environment I feel a strong probability of testing major support around 1.40 which I'll be keeping an eager eye on.
Further thoughts geopolitically and politically in the US. Trump is intending to stamp out these proxy wars which is bad for the POG, good for peace though. Energy costs will certainly be a booster for POG if Trump can lower those however I don't believe it will be a smooth transition at home which could send the stock market into a major correction. A lot of uncertainty with Kiaka still 8 months off.