GOLD Daily TA Neutral Bearish

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GOLDUSD Daily neutral with a bearish bias. Recommended ratio: 35% Gold, 65% Cash. *Gold, Oil, Agriculture, Treasuries, Euro and Cryptos finished higher today while DXY and Equities closed lower. Last week the EU proposed a new ban on Gold imports from Russia (the fifth largest holder of Gold reserves in the world). Equities started strong but then finished lower on news that Apple is going to slow hiring and spending in 2023. This rally appears to be part of a broader technical relief rally amidst an onslaught of macroeconomic and geopolitical bearishness, but it still begs the question... when will a recession finally be fully priced into financial markets? Key dates this week: June Housing Starts and Building Permits reports scheduled for release at 830am (EST) tomorrow morning (07/19); the next GDPnow Q2 GDP estimate (previous -1.5%) by the Atlanta Federal Reserve is scheduled for release at 830am (EST) tomorrow morning (07/19) as well. The market consensus estimate for Housing Starts is 1.58m (up from 1.549m in May) and for Building Permits it's 1.65m (down from 1.695m in May); if Housing Starts and Building Permits come in lower than consensus it would signal that the economy is continuing to trend toward a recession and may be perceived as bullish by the markets because it would also imply that the Fed's hawkishness is being effective in reducing demand (the only way the Fed can directly influence inflation).* Price is currently attempting to find a temporary bottom at $1700 while continuing to form a Bull Flag after breaking down below $1742 minor support; the next support is at $1685. Volume remains Moderate (high) and is currently on track to break a two session streak of seller dominance if it can close today's session in the green. Parabolic SAR flips bullish at $1742 minor resistance, this margin is mildly bullish. RSI is currently trending sideways at 25 after being rejected by 27 resistance, the next support is at 20. Stochastic crossed over bearish in today's session and is currently trending down at 2 as it approaches a retest of max bottom for the second time this month. MACD remains bearish and is currently beginning to form a soft trough at -35, the next support is at -39 (the ATL is at -52). ADX is currently trending up at 36 as Price continues to see selling pressure, this is bearish at the moment; if ADX is able to form a peak as Price reverses and goes higher, this would be bullish. If Price is able to bounce here at $1700 then it will likely retest $1742 minor resistance. However, if it continues breaking down here, it will likely retest $1684 support for the first time since August 2021. Mental Stop Loss: (one close above) $1742.