The index I use to trade gold is ; SPDR Gold Shares (GLD) ; you can type in that ticker in Google finance or Yahoo finance and see the profile of the index.The chart above is the physical Gold daily price. Ok, what do we have here ;
1) The 200 day moving average did serve as a support "zone, level"
2) Price of gold zoomed up above the wave, giving us three buy level signals
3) Something is still bothering me ........ the wave is not flat or rising .....still down , so expect a pull back followed by a sideway trade ...... (meaning ? do not bet your house on gold yet !)
2 comments:
What do you think about GDX?
The daily chart of EUR/JPY, FXE:FXY, the barometer of the yen carry trade, shows that the yen carry trade is unwinding. The weekly chart of FXE:FXY shows that the yen carry trade has topped out.
Crown Forex writes "As for the Yen being the star in the forex market, risk aversion and investors risk appetite was able to help the yen gain against majors in the markets as investors were unwinding their carry trades taking the USD/JPY pair down to the 106.20s as the dollar continues to lose ground. Against the Euro, the yen gained from a record low at 169.45 to continue dragging the pair down to the current support level at 167.12 while the GBP/JPY is currently at 211.10s".
Risk aversion will rise significantly as corporate profits turn down; investors who sell stocks will be looking to the financial safehaven of gold.
And a higher yen means a lower US dollar; in as much as gold trades inversely of the dollar; gold will be going up.
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