Thursday, February 12, 2015
gold in euros chart
So gold's been retracing its fantastic January advance. How low can it go? Well, the weekly candles don't look so bad:
The EMA (which is an arbitrary number, sure, but we're in this for the feelgood) is €1052, and that's close to the €1055-or-so area of the Aug 2013 pivot and May 2013 support.
So maybe gold finds support in € at that point?
After all, gold has gone down in Euros ever since January 26th, as the war in Ukraine heated up and the Greek crisis came to a boil. I.e. the fear trade has been to sell gold in Euros.
(Someone tell Frik Els, please.)
So now that Greece is about to broker a new debt deal and Russia's apparently signed on to another truce, we should expect gold to go back up in Euros, right? Cos down is up and turvy is topsy, right?
The alternative is a drop all the way down to a retest of 2014 resistance at €1000. Up to you which you want to believe.