Gold Charts

After writing an article about the Platinum-to-Gold ratio, I decided to do more with the excel sheet, like calculating correlations and plotting the price charts for example. In this article, I will just focus on the Gold price. Here we go, the Monthly average Gold Price since January 1968: It looks a bit bubbly, right? If you think this looks like a bubble, then please have a look at this Log-scaled chart, which looks far from bubbly: The thing I observed was that the price action in Gold from early 2000 until today was similar to the price action from 1968 until April 1979. Let me show you: One might argue that the price action from 1972 until 1975 is not similar. I agree. However, the correlation between the gold price from 1968 until 1979 and the gold price from early 2000 until today is an amazing 89,65%. Now what else did I notice? That the price action from November 1975 until April 1979 is almost exactly the...

FOREX The Euro (1.4472) is coming down from yesterday's high of 1.4519, but is finding support around 1.4450. While that support holds, a test of the important resistance at 1.4600 is possible. USDJPY (83.90) has bounced back well from the 200DMA (at 83.49) yesterday and it may be trade from a range of 83.50-84.50 today. The EURJPY Cross (121.38) is consolidating, and is trading between 120.50-122. The cross remains bullish. A strong move above 122 might trigger further rise to 123+. The Cable (1.6256) fell sharply yesterday and is now moving around its support at 1.6250. The immediate outlook remains mixed. USDCHF (0.8974) had dropped below 0.9000 and could test 0.8900-8800 on the downside in the coming days. Aussie (1.0434) failed to sustain the break above 1.0500 yesterday and could fall to 1.0300 if it breaks below 1.0400. The Asian Currencies are trading slightly weaker. The Korean-Won is trading near 1092 and the Sing Dollar is trading near 1.2584. MARKETS The US markets fell yesterday. Dow...

Stocks & Commodities Gold and corn hit record highs on Monday, silver touched its highest in 31 years, lead hit a three-year peak and U.S. crude traded at its strongest in two and a half years as investors sought protection from inflation and fretted about supply. After rallying to a record high of $1,476.21 an ounce in early trade, spot gold eased back to $1,474.90, up $2.20 on the day, while silver traded 5 cents short of its 31-year peak at $41.93 struck earlier. Brent crude fell by over a dollar after the African Union said Muammar Gaddafi had accepted a roadmap for ending civil war, including an immediate ceasefire. U.S. crude for May delivery rose 23 cents to $113.02 a barrel and earlier touched $113.46, its highest in more than two and a half years. U.S. corn futures jumped 2 percent to a record on thinning stockpiles in top exporter the United States, as traders raised doubts about a government report that kept...

Euro Initial support is at 1.4243 (Apr 7 low) followed by 1.4208 (Apr 6 low). Initial resistance is located at 1.4512 (Jan 15 2010 high) followed by 1.4561 (1.2867 plus 1.2588-1.4282) Yen Initial support is located at 84.51 (Dec 51 low) followed by 84.03 (Apr 5 low). Initial resistance is at 85.62 (50% retrace of 94.99-76.25) followed by 86.00 (Big Figure Resistance). Cable Initial support is located at 1.6257 (Apr 6 low) followed by 1.6091 (Apr 5 low). Initial resistance is at 1.6458 (Jan 19, 2010 high) followed by 1.6516 (Dec 7 2009 high). Australian Dollar Initial support is near 1.0412 (Apr 7 low) followed by the 1.0315 (Apr 6 low). Initial resistance is located at 1.0640 (0.8771 plus 1.618 of 0.8067-0.9222) followed by 1.1023 (61.8% retrace of 1.4885-0.4776). Gold Initial support is at 1447 (Mar 24 high) followed by 1430 (Apr 5 low). Initial resistance is at 1477 (1308.25 plus 0.618 of 1157.03-1431.25) followed by 1480 (Big Figure). Oil Initial support is located at 110.00 (Intraday Support) followed by 108.00...