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After reading the article noted below, I decided to plot USDCNY, XAUCNY and GOLD, overlayed on a chart showing the computed value of XAUCNY divided by USDCNY. It strikingly shows the correlation between the two pairs, and how it accurately aligns with the XAUUSD (Gold) valuations.
That being said, it would make sense to watch the Chinese Yuan closely to get a ...
Gold has sold off as the initial reaction after the FOMC meeting on Sept 26th. However right now is a very good spot for at least a bounce play imho. I'm sharing the chart of Gold priced in Yuan. It shows that gold has sold off all the way down to the LVN 8126, where previous sharp rebounds have happened. Assuming that USD/CNH has topped, then this is the best ...
XAUCNY coming up to test 8204 again.
A closer look on XAUCNY suggests more downside to come in XAUUSD.
... Impending gold PEG in Mid-October...?
If you are interested in Gold/Silver big time upside, the XAUCNY may even interest you more. See if your broker has this option.
Gold is above the down trend line. Long gold.
I believe that Gold denominated in Yuan will rise. Stop below the green line.
Gold is loosely pegged at 8500 CNY imho.
In order for Gold to fall against the USD, either China devalues CNY vs Gold or USDCNY would have to soar.
Neither the US nor China wants either for different reasons.
So why is Gold rising today? XAUCNY is reverting to its 8500 peg yet again.
USDCNY will have to break higher for Gold to break below ...
Harmonic Bat on Chinese Weekly chart.
Before reaching the BAT target there is Gartley in between. So it may not fall as we thought
pray for world peace
time for a retracement?
This is much easier than xau/usd :)
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