I was looking intently yesterday at 1142 as a possible level gold can hold for a long play but it shot through interim. I waited for the NY Close to show its hand. Still not good so this bear swing has not been sustaining. You just have to wonder with all that commotion from Chinese stock market triggers daily and the follow through in gold is so tepid, it was a perfect 61% fib swing! I suspect gold is heading down to test the low from a swing analysis so watching the AUD intently.
The biggest worry I can see unfolding is the crude oil prices. Temporary support found at 37.83 and almost a GFC low. The world is now looking for the mother of all stimulus out of China phase 2. Keynesian/Von Hayek turning in their graves at the use of massive stimulus by CBs praying for inflation! I am no economist and I will not project what the world would look like eventually as the financial weaponry and policy programs by CB/Govt around the world are unprecedented. May we ask those of academic Economic experience/qualification to paint some future scenarios of events?
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