Asia

Authored by Robert Gore via StraightLineLogic.com,

You don’t fight for your country, you fight for your government.

The Golden Pinnacle, by Robert Gore

What a difference 16 months makes.

It was in February of 2016 when, looking at the latest trends in the Hong Kong housing market, we wrote that in January [2016] Hong Kong home prices tumbled the most since July 2013, and after a 12 year upcycle, prices were now down 10% from the recent peak just four months prior...

... while the local Centaline Property Agency estimated that total Hong Kong property transactions at the start of 2016 were on track to register the worst month on record.

While visiting Australia, outspoken warmonger Sen. John McCain told ABC TV that Russia is a bigger security threat than Islamic State, based on its willingness to challenge the democratic foundations of the U.S. by interfering in elections.

The Trend Retains the Name

Intro by Vince Lanci  and Bon Scott for Soren K. Group

The pattern continues in Gold, with last week's move reaffirming the wave count Enda is using below. Friday's rally puts the market right above the high on the 30 minute chart established in the previous "5". The next  "1" would be completed if gold pierced the $1271.21 level. After that, any retracement that holds $1259.78 further confirms a wave  seeking final extensions to the $1550 area. A drop below $1247 at this point puts into  question the pattern, but does not negate it. 

Focus in this holiday-shortened week will turn to US data, especially NFP, Fed speakers and Eurozone inflation. UK PMIs will also draw attention as elections approach. We also get GDP data from Canada, Sweden and Switzerland. In EM, there are MP meetings in Brazil & Israel. On Monday, with US, UK and Chinese markets closed, Euro FX and bond markets will be on Mario Draghi alert on Monday as the ECB president speaks to the European parliament.

NFP, Fedspeak, Eurozone inflation