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CLIP: "How Can Technical Analysis Be BS Yet Still Important?"

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by VBL
Friday, Jul 09, 2021 - 7:56
GoldFix Daily Brief

 

 
Good Morning. As of this writing the DX is slightly weaker. Bonds are softer particularly the back end. US Stocks are mixed. Gold futures are up small and Silver is up more with some help from Copper. Copper is up almost 2%. Oil is up 1% post a surprise draw in inventories late yesterday. Nat Gas is flat after a couple wild days. Grains are mixed. Bitcoin is flat after a large down day yesterday and Ethereum continues its slide.
 
Last Night: China’s PBOC officially cut reserve requirements after inflation measures eased. This can explain the bid in base metals. UK GDP came in very soft and global equities are mixed to slightly higher.
Today: May wholesale inventories are today. Next week is CPI which will be closely watched. Canadian June Employment data is of some importance today. The US is expected to announce sanctions on 10 Chinese companies for human rights violations and G20 finance ministers are expected to endorse the global tax reform proposals.

GoldFix Weekly: Issue 7

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Technical Analysis is a Soft Science

Tom Bodrovics of Palisades Radio asks a pointed question about Technical Analysis and seemed to catch his interviewee by surprise.  [Cued to start at the topic in question]

"Technical analysis is portrayed as a science, but it's more of subjective art. So investors need to understand this and conduct appropriate risk management. Without understanding the risks, many new investors will have losses." Full Interview here

Section Links

0:00 - Intro
0:33 - Basel III
4:12 - Gold Fix & Educating
7:39 - T.A. "Science"
10:07 - Important Lessons
17:51 - Gold Markets
20:53 - Bitcoin Diversification
23:40 - Gold Vs. Bitcoin
28:54 - Wrap Up
 
Gold Chart
The following are excerpts from Moor Analytics Technical Reports posted here with permission and not intended as actionable out of context of the full report
 
Upside: Look for lower timeframe exhaustion in the $1,819.5-20.0 area. If we break above $1,819.5 and back below, look for pressure to come in. Look for lower timeframe exhaustion in the…
Gc 4 hour with some Moor levels shown
Gc 4 hour with some Moor levels shown
Downside: If we break below $1,790.2 and back above WITHOUT breaking below decently, look for short covering to come in. Buy against $1,777.9 (-.5 of a tic per/hour starting…

 

 

 

 

VBL
Waiting for an honest CPI is like using lime juice in hopes your iris turns green https://t.co/IKbUstnHjK

That’s it, Good Luck

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