Below is the weekly chart view of gold vs. the ‘Dollar bearish’ fund UDN. I get so caught up in the fascinating views of gold vs. the aspects of the cyclical, risk ‘on’ world (like stocks and commodities) but gold measured in local currencies is also important.
We managed this chart in NFTRH, watching for it to hold the lower line (3rd arrow) earlier in the year and since have watched it rise to the top of a Symmetrical Triangle. A break above 60 could get some attention.
Here is the daily chart view vs. individual currencies. Gold is somewhat overbought vs. many currencies but is constructive vs. the USD index. Interesting stuff. FOMC, care to weigh in here?
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