Thursday, January 8, 2015

GOLDBUGS REJOICE!: gold breaks out in nearly every currency


Goldbugs rejoice! These are the charts you should have been paying attention to instead of the US dollar price chart:




First, British pounds:


Gold has broken out strongly on the daily candles and as of yesterday was 3SD up.




And a long double bottom has been printed on the weekly candles, with gold >2SD up and above its weekly SMA(50).

Do you think British traders will still want to be short gold now?

And what happens when they close out their shorts and go long?

Next, Swissie:


Gold has broken out strongly on the daily candles and as of yesterday was 3SD up.
 


And a long double bottom has been printed on the weekly candles, with gold >2SD up and above its weekly SMA(50).

Do you think Swiss traders will still want to be short gold now?
And what happens when they close out their shorts and go long?

And finally, Euros:


 Gold has broken out strongly on the daily candles and as of yesterday was 3SD up.



And a long double bottom has been printed on the weekly candles, with gold nearly 3SD up and above its weekly SMA(50).

Do you think European traders will still want to be short gold now?
And what happens when they close out their shorts and go long?

Can somebody please send a link for this post to Barry Ritholtz? Cuz the dumbass was badmouthing gold just a couple weeks ago.

Let's all sing along:



Note that Charli's singing "can't you taste this gold", and NOT "can't you taste these US Treasury inflation-protected securities".

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