Last night’s rallies in Spoo & Nasd failed @ their respective 50 DMA’s.

The board is a repeat of 10/2018 with one glaring difference;
In 2018 the risk spreads took a week to break down, yesterday they led with ORL days.

Ultra T-Bond put in an ORH yesterday and is seeing the bulk of the inflows.

EUR/AUD was the key tell in currency land holding its 200 DMA on the low with an ORH day with follow through.

EUR/AUD up is a risk off indicator.

Investors worldwide are shunning their own Bond markets for ours.

Keep an eye on this dynamic. It will speak to the veracity of a Gold rally.