And they tell you it is not a currency….

Today gold was clearly trading like a currency and no wonder that silver lagged. (The monetary component within silver certainly exist but for lesser extant compared to gold) Before the New York open gold was higher both in terms of Euro and USD then moved higher in USD and Lower in Euro, later the opposite: up in Euro down in USD, a sell off in both majors then a strong impulsive rally into the close.(Compare minutes XAUUSD with XAUEUR charts to notice that)


Added:

XAUUSD and XAUEUR 2 minutes chart






















The day to day action is trend less, the downside momentum is gone but some trend line resistance exists.

Gold continue to present a relatively rare opportunity in the global financial market place. An Item which is liquid, time lasting and provides insurance against systematical issues. In addition the possibility for significant price appreciation certainly exists. This is my opinion.


XAUUSD weekly log chart with Fibonacci price projections