Saturday, March 7, 2015
The secret gold chart
OK, so the important thing is gold ex-USD.
So look at this:
With all the horror of yesterday, it only barely broke below the SMA(50). And that's mostly because the Americans were puking gold -3SD later in the day, because all they see is the US dollar price.
And here's the weekly:
You can probably ignore the short-term EMA on this chart because it doesn't mean too much.
But if gold ex-USD can stay above 5.10 for the next couple months, this would set up a cup and handle pattern that targets... um... some significantly higher figure ex-USD.
Which will make the rest of the world pay attention even if Wall Street Whitey doesn't.
Gold in CAD ended the week at $1495. Quit being an American for just a second and think about that.