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The weekend is over and equities are higher on quiet trade, as earnings season is underway and all eyes are on the results. Of course, it doesn’t really matter, markets are still higher and don’t care about any fundamental data, unless it’s good. This has been the pattern, good news equities go up, bad news they pause and then go up.
The vicious cycle we see spills over to Gold and Silver. Both have been sold off, but did hold key levels. Gold will now test the $1,249 level, and if it can clear that hurdle, we will once again see strength. That’s a big if considering the struggles the metals have had with a very weak dollar. Bitcoin has lost 30% over the last couple of weeks but still substantially higher, seeing natural selling.
Trade will be quiet through earnings or until markets start to sell off. This action is very consistent with markets making a top. It’s a great time to observe looking for a solid footprint.
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