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Watch Retail Sales to See Impact on Dollar

We're in quieter markets. This is very typical towards the end of August. A lot of traders go on vacation. The kids are going back to school. 

Over the weekend, we didn't see anything positive coming out of China. We saw their problems continue, not only in the property sector, but now the private sector - what they call the shadow banking. One of the firms with a division that has $136B are missing payments on some of the debt that they have. Things are going from bad to worse over there. 

In the gold market, you're staying underneath the 18-week moving average of closes (MAC). That's an important thing. It keeps the bias of the market down. Second, look how the market keeps leaking down. You'll notice as it's falling, the range keeps getting tighter and tighter. You've got lower highs and lower lows. Is the 18-day MAC going to get under the 200-day MAC? That will be another bearish cross-over in the market.

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