the AUD is still in downtrend, I dont think we are there yet.. it failed miserably to break above 70c and to be honest it looks to me that its going below 60c XAUUSD also remains under pressure
the DXY is spiking, it feels like something is coming to a head regarding the debt markets.. we could see a short term rush to USD (already happening) which would be a headwind for gold before we start the next advance
FED lowered interest rates by 25bp and the 10 year went higher.. the market is starting to kick back.. we could see a big spike in interest rates.. and if the rest of the world doesnt do the same.. then the USD could go a lot higher.
for now we remain in the doldrums, risk off until the DXY breaks uptrend
BCN Price at posting:
2.2¢ Sentiment: Buy Disclosure: Held
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