- 1. Gold vs USD 2. Gold vs JPY and GBP 3. Gold vs EUR = 3 different wave structure.
- Gold/USD : 1 straight line up = leader of the pack in QE2.
- vs GBP and JPY : recent wave up but not taken out the mid 2010 highs yet.
- vs EUR : ECB reckoned to be least likely candidate for QE2, thus consolidation pattern whilst the other 3 charts going up.
- Watch the consolidation resistance line in XAU/EUR at 977. Currently at 970, this has been creeping up. Reckon time to go outright short EUR/USD (or long XAU/EUR if conservative), will be when 977 gets taken out.
- 62% Fibonacci retracement of the big EUR/USD collapse from 1.5144 to 1.1875 is nearby at 1.3895. Strictly speaking, other than for portfolio hedging, there really is no technical reason to be selling EUR/USD yet.
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