The analysis in the previous post has been vindicated.
The correction of the price of Gold was exagerated and ultimately it was countered by the movement in currencies as I had predicted. The Dollar hit new lows against the Euro and the British Pound. The Terrorist attacks might have helped as most journalists analised it, but I am not so sure because the geopolitical factor does not impact Gold so much these days.
Now, the Gold Price is at 655,95 and has gained more than 13 $ since June 26th which proved to be the latest Low point.
But paradoxically, after this rally I am not so confident that it is going to continue. We are at a turning point for Gold, but it might go sideways a little longer.
We're going to have to analyse the currency movement a little more before drawing conclusions. It has proved to be the real guide for Gold price.
I am preparing my own little Dollar index to measure how the Dollar (and thus, "a contrario" Gold Price) fares against the most important currencies.
More on that later.
The correction of the price of Gold was exagerated and ultimately it was countered by the movement in currencies as I had predicted. The Dollar hit new lows against the Euro and the British Pound. The Terrorist attacks might have helped as most journalists analised it, but I am not so sure because the geopolitical factor does not impact Gold so much these days.
Now, the Gold Price is at 655,95 and has gained more than 13 $ since June 26th which proved to be the latest Low point.
But paradoxically, after this rally I am not so confident that it is going to continue. We are at a turning point for Gold, but it might go sideways a little longer.
We're going to have to analyse the currency movement a little more before drawing conclusions. It has proved to be the real guide for Gold price.
I am preparing my own little Dollar index to measure how the Dollar (and thus, "a contrario" Gold Price) fares against the most important currencies.
More on that later.