darth.stocks
Short

Gold: correction ahead

FX_IDC:XAUWCU   GOLD / WORLD CURRENCY UNIT
102 0 4
After my last weeks target has been reached, I am waiting if we get a breakout. With GDX/HUI not following Gold             and DXY             rather going upwards, I expect Gold             (in XCU) correcting back to the Neckline of the double top . With this correction a Head and Shoulders Formation of XAUUSD             will also be finished.
Comment: Hedging Brexit with Gold: Really the right thing?
with DXY consisting of :
Euro (EUR), 57.6% weight
Japanese yen (JPY) 13.6% weight
Pound sterling (GBP), 11.9% weight
Canadian dollar (CAD), 9.1% weight
Swedish krona (SEK), 4.2% weight
Swiss franc CHF (the rest..)
we are talking about 69.5 % of the DXY Basket being affected. With GBP having an at least downward potential of 20% and the EUR of 10 % (as being discussed also here) the effect will be a min. 8.6 % upward movement of DXY that may be compensated to 7-8 % by a strong strengthening of JY/CHF. With Gold being inversely correlated to US $ Strength it is unreasonable to bet on an upward movement of Gold.
United States
United Kingdom
India
España
France
Italia
Polska
Brasil
Россия
Türkiye
Indonesia
Malaysia
日本
한국
Home Stock Screener Forex Signal Finder Economic Calendar How It Works Chart Features House Rules Moderators For the WEB Widgets Stock Charting Library Priority Support Feature Request Blog & News FAQ Help & Wiki Twitter
Profile Profile Settings Account and Billing Priority Support Ideas Published Followers Following Private Messages Chat Sign Out