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SPDR Gold Shares Message Board

  • chartsalot chartsalot May 12, 2012 10:24 AM Flag

    Dollar : Gold relationship

    With the current European woes, the USD is the primary flight to safety vehicle...

    While Gold also has a certain "safety" mechanism built in, as long as the USD keeps strengthening, Gold will go down...

    How long this goes on is anybody's guess, but both the USD and Gold are at Bollinger Band levels on the daily charts...

    Looking at weeklly charts, it looks like the USD has more upside before it is overbought, and even though Gold is at the lower BB, the RSI and MACD support a further downside view.

    Any good news out of Europe should create a good short-term buying opportunity for Gold...

    If we were to have another "Black-Swan" event like 2008, Gold will go down initially, but will be the first to recover, after the initial shock.

    It looks to me like recent USD and Gold performance, is a direct result of "Mr. Market" anticipating a serious event sometime in the near future.

    A recent news story claimed that 1 out of 7 expected the world to end this year. While I don't subscribe to that idea, that number is concerning, possibly creating a self-fulfilling prophecy type of situation. One can only wonder about what kind of havoc could arise with a bunch of loonies thinking there won't be any consequences for their actions because the world is coming to an end...

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