…one that shows how gold has traded in Dollar terms and in Euro terms so far this young year, 2011:
Maybe it’s too early to start jumping to conclusions, but it does suggest that the sell-pff in the first two days was the real indicative action and the rebound in
dollar (edit: HAH! Brain needs to talk to fingers…that should say Euro) terms was a bit of a falsey. So if this is the case, it’ll take more than USD index weakness to truly rally gold in the next few days. Yep we might get a bounce but for a gold price increase to have staying power and legs, we’d need a catalyst from somewhere else. Just my dos centavito’s worth this warm and sunny morning*.
*oh….not where you are? Oh, that’s a pity.