A 1 minute chart below of yesterdays action with the usual smash around the usual time but with an added close to a $10 bomb right into the broader market close. This is also something that I haven't seen before and it continues to indicate the desperate attempt to eliminate as many unallocated holders as possible leading into Basel 111, along with the attempt to make inflation look transitory.
Speaking of the broader markets and they are beginning to look problematic and if it continues then the Fed will begin to walk back the talk of hawkishness. Below is a chart of the Dow and its showing the first signs of duress as it moves into oversold.
Below is a 10 year US treasury bond yield chart and the yield has hit its lowest yield since early March.
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Below is a daily on gold and for anybody who thinks that the ten year yield influences the gold price, I suggest that if you drink you should probably stop and if you don't drink then you should probably start.
Don't get me wrong the long end certainly can influence the gold price but not in this environment.
Gold continues deeper into oversold territory and a low appears to be coming next week.
The $US is into overbought and is trending negatively.
Below is a weekly on the GDX which indicates strong support around the previous swing low at 31ish
US golds have mostly entered into oversold status.
Monday morning in aus may be a bit ugly and if it is then its just another buying opp. The damage should be limited but that will depend on Jumbo's actions
