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This chart ( tweaked after seeing SilverFox excellent find) ….has to give us Pause (pun) to reflect on the Gold Market
127.5 is still 3 points higher….which should take Gold to $1400 .
I cant see 127.5 being beat on the first try….and…this is a Monthly….so it could be a while ( many months /a year) Before the Euro breaks out of this DOWNTREND it has been in since 2008. That’s 10 years.
Someone here said the Euro has been in a Bull market for 30 years >?….I don’t think so.
Unless Gold finally stops needing the Euro to hold its hand…..It will not be able to take out $1400.
IMHO
To someone else they could say: head portion of an inverse head and shoulders to complete imminently…
Plus cycles, plus Gold chart (in dollars – US) that is, I’m still anticipating a move lower in Gold short term, over next few weeks but the trend is up, EW is up, cycles are up…a lot favours an upward move and the euro hasn’t been in amazing correlation- IMHO.
I don’t think the ECB wants to raise rates but if they do the $us is going to get crushed IMO. See what the FED does here, nice to see the tables turned on the FED. The Bond market may drive the central banks?
Of course its often in how you draw the line. I think our own bearish or bullish outlook can influence what we think we see in the charts, even if we don’t realize it. Its hard to stay objective sometimes. Anyway here is yet one more chart of $XEU, a weekly candlestick this time. It is quickly drawn, and has an edgy look to it because the scale is really too big for an aesthetically pleasing candlestick chart. However, this chart suggests the $XEU could be toasting its toes already.
http://stockcharts.com/h-sc/ui?s=$XEU&p=W&yr=15&mn=0&dy=0&id=p19755618700&a=382276785&listNum=7
I sure do enjoy your posts, Fully. Brilliant sense of humour. (I think it may be a Canadian trait) keep on shining.
That’s great Silver Fox….
🙂
It did in 2003?