Loading ...Looking both ways
If Gold is money it should trade like a currency in this mad fiat world, and in IMO it does. Key currencies important in the Gold market are $USD, $XEU, $YEN, $XDA, $XSF.
Yesterday I prepared this post along with comments on each chart. Unfortunately, just I was about to click the post button the computer ate my homework. My computer is a dog. Am thinking it just as well to post these currency charts today and let readers draw their own conclusions.
My own conclusion is that yes, we have a rally building in the PMs, but am not yet convinced we have seen the final bottom. Anything can happen, and anything probably will…
Good trading.
$USD – Daily
A broader measure of the USD – USDU Daily
UUP – 2 Hr Chart
UUP – Daily
$XEU – Daily
$XJY – Daily
$USDJPY – Daily
$XDA 2 Hr Chart
$XDA – Daily
$XDA – Monthly
$XSF
Thanks Foxy
USDU looks like an island Top and FBO
One to watch for sure
Agree, FBO – island top. USDU is the most bearish of the dollar bear charts. It looks like the dollar is in a hurry to go down, and not just in terms of the EURO. Bullish for the PMs if that’s what it is, and should be bullish for commodities too. Support at 200 DMA? The market is dynamic these days, can’t seem to make up its mind what it wants to do.