This week started with absolute calamity. Japanese markets slid to start, then the US500, ASX200 and Bitcoin fell off a cliff.

All have slightly recovered, but none of them are looking bullish in the short term. All these indexes are falling to their 200MDA (as shown in today’s charts).

Gold dipped $US80, but continues to hold its position well above its 200MDA. Unfortunately Silver has continued its poor run, unable to keep up with Gold and further expanding on the GSR.

In Australia, our RBA has held rates steady – which could well have caused our ASX200 to contract as strongly as it did. As explained many times during this QT (Quantitive tightening) period, something generally needs to break before any QE (Quantitative easing) can be used.

We could well be looking at the ‘breaking’ right now. Many Mum and Dad investors are now shaking their heads in disbelief at the speed markets crashed and their inability to either manage their shares, or simply sell them.

As markets continue to adjust, we could well see any remaining money move into precious metals (like previous cycles). And with US elections also inbound, monetary policy will be at the forefront of discussions – driving even more volatility.

Enjoy today’s charts. We’ve also included BTC (Bitcoin) in today’s charts for reference to how quickly markets reacted earlier this week.

Gold daily chart, with 200MDA