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- Dollar Collapse (17)
- General (24)
- Gold (186)
- 06/06/2011: The recovery failed
- 26/05/2011: Silver again
- 13/05/2011: $450 silver and $12,000 gold
- 11/05/2011: Oh well
- 09/05/2011: Some explanations
- 06/05/2011: NFP surprises
- 05/05/2011: Hi ho silver!
- 04/05/2011: Gold hits support and can still hit new high
- 04/05/2011: Is the top in? Maybe not
- 02/05/2011: Margin requirements take down silver
- June 2011
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- January 2011
- December 2010
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Euro powers higher
I’m reverting back to my Euro gold theory. Strong Euro means weak gold. The dollar tanked yesterday and gold hardly blipped. Now the Euro is charging past 1.32 and gold is struggling at $1185.
I am suspicious of the strength in the Euro because it looks like the Yen pairs are not moving past recent highs. In other words, risk appetite is not following suit with the Euro and equities rally. However, the Euro could continue to rally a bit longer.
It looks like we got a top in gold today, though the day is just starting in NY. Let’s see what happens. If gold doesn’t go past $1193, we could see a drop into next week and one target is $1137. That would tag the 200-day MA pretty well, which hasn’t happened so far.
If the Euro starts dropping after that, then we could see gold and the dollar go up together as equities go down.
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