This is Gold Normalized against the US dollar in arbitrary units, which solely highlights the empirical strength of gold and ignores the strength or weakness in the US dollar
I have also used Heikin Ashi to eliminate whipsaws for better trend identification,
and I've also added a regular GOLD/Dollar line in the background (purple) for comparison
The purpose of this chart is to point out that the recent bounce in (Gold/USD) has more to do with USD being weak than GOLD being strong.
This is an experimental method of objectively looking at the strength of GOLD, good luck trading :D
I have also used Heikin Ashi to eliminate whipsaws for better trend identification,
and I've also added a regular GOLD/Dollar line in the background (purple) for comparison
The purpose of this chart is to point out that the recent bounce in (Gold/USD) has more to do with USD being weak than GOLD being strong.
This is an experimental method of objectively looking at the strength of GOLD, good luck trading :D
Comment:
Gold continues to trend lower, and the inherent strength of gold is also weakening
Comment:
Despite continued weakness in the dollar, this hasn't stopped Gold from decreasing on a normalized scale. And it seems like the dollar weakness is the "only" factor preventing the bulls from full scale bleeding. Should the dollar strengthen, there will be much more downside
