Euro at All Time High ?

Gold & Silver gained some ground as the Euro makes a new all time high (or is it?)


The Euro was introduced to the world financial markets as an accounting currency in 1999 and launched as physical coins and banknotes in 2002.

source

As explained several days ago, pre issued Euro high was actually higher at about 1.4570$



Long term (30 years) retro perspective EUR/USD chart.

Gold Spot & Futures Charts

The USD Index hovers near decades lows, the EUR/USD pair kissed its all time high (~136.667) currently floating less then a cent below. The jury is still out as things can abruptly change on a penny or less…

So far June COMEX gold contract failed to exceed its late February high (~699$) while spot gold managed to trade above the same cyclical high. The contango is taking its toll.

XAUUSD Intraday Chart (4 hours candles). Annotated with Fibonacci levels and Elliott wave count ( wave 4 underway). As posted before; ~667$ spot remains target before heading higher.


















GCM7 - COMEX Gold June contract daily chart. Annotated with Fibonacci levels and Elliott wave count (wave iii blue underway). Note support at ~672$, just below the 50% Fibonacci line.

• As explained before, take any of my posts in the right time frame context.

• I observe and estimate that the price of gold is constructing an Egg pattern which requires extremely high degree of patience.

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Market updates and charts will be posted as needed.

Update

Quite but tensioned trading as the US Dollar index is very near to historical lows (see USDX pattern target) and the EUR / USD pair is 100 pips below the all time high ( I'm referring the high of the actual Euro , theoretically – pre issued EURO was actually higher). Silver continue to lag behind gold, HUI & XAU pulled back slightly.

In depth look at HUI & XAU.


That’s all for now...

Five Interesting Blogs for the Weekend

• The Elliott Wave Lives ON – Excellent Elliott wave blog, S&P and GLD wave counts included.

• JsMinset – Jim sinclair popular gold blog.

• Well designed and informative - Grace Cheng Forex Blog.

• Advanced XAU / GOLD Ratio Analysis at paint the charts.

• Silver serial commentary and insights at Silver Axis