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Why Gold Sucks 8/17/23

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Ours is not to reason why. Ours is to follow the charts or die. 

A 4-week cycle low is overdue but there’s a projection of xxxx for that time frame and xxxx for the 13-week cycle. A daily close below xxxx would create a big top pattern with a conventional measured move implication of xxxx. The miners look even worse.  Non-subscribers click here for access.

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Meanwhile, lots of red on the hourly chart of the ES 24 hour S&P fuguetures. If they don't clear 4420 this morning, there's a good chance that they'll subsequently break 4390. Even if they manage to clear 4420, the 4433-4445 area looms as big resistance. The Calm Before the Storm

1138m2

 

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if i would have a lot of bonds i would just have heart problem. When I look at price of german govies (bunds), or even US govies. Its like last level of support. and how will it break? abyss

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The Gary US Bond update.....

A) CD's from banks are shamefully flat and mostly callable

b) Govt agencys are all callable (beside some very old ones)

c) corps and munis are a some how being bid?

d) 2-10 treasuries are a ????

>: all cd's more than 2 years are callable....or yield less than 5%

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For clarification, gold doesn't suck. It's chart is sucky at the moment. I just hope that the worst case doesn't play out. 

I've been out exploring Lille this evening. 

Magnifque!

image.jpeg

Bonne nuit de Lille!

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3 hours ago, potatohead said:

I question this report.

Home prices hit a new-all-time high across the US in June

https://unusualwhales.com/news/home-prices-hit-a-new-all-time-high-across-the-us-in-june

I think they have a data issue stemming from a POV issue. 

This chart of average mortgage size originated is through August 11, per MBA data.  Comprehensive, marketwide data based mostly on purchase mortgages since no one is doing refi.  

image.png

https://tradingeconomics.com/united-states/average-mortgage-size

 

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