A.M. Look 7/7/23

It’s all about the relationship today.

Equities and Gold against Bonds remain firm.

Unsurprising that with Yellen in China the Yen is in play with EUR/JPY, AUD/JPY and GoldinYen trying to put in weekly

It will be all about the curves and the 30 Yr.

Gold itself double bottomed yesterday on the long-term point & figure at a multi yr. Fib.
Below there is room for another 60 dollars of downside.

The Fib support is good for a small bounce but it’s not a place I’m particularly interested in for a longer term trade. The 1850’s is the better longer-term trade location.

Don’t fight the late day flow.

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