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A Technical look at Gold in Major FX


 -- Published: Tuesday, 18 November 2014 | Print  | Disqus 

By It's a Mystery

Here we have gold priced in dollars exhibiting a bullish broadening wedge. Resistance is currently $1220 and declining.

 

Gold in Euros shows horizontal resistance just below 1000 euros and trend line resistance at roughly 960 Euros.

 

Gold priced in Yen shows resistance at 140,000 Yen.

 

Gold in Swisse shows resistance at 1200.

 

And a final look at the gold miners via GDX.

 

GDX is leading the breakout of the bullish broadening wedge that is gold priced in dollars. This is not surprising and is not a guarantee that gold breaks out. GDX is massively oversold in the midst of the biggest equity bubble seen since the last one in 1999.

As for gold in other currencies, they are neutral to slightly bullish. A better picture should emerge in the December time-frame.

Itís a Mystery


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 -- Published: Tuesday, 18 November 2014 | E-Mail  | Print  | Source: GoldSeek.com

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