Nominal Gold And In Euros

Here is the weekly chart of gold that NFTRH has been working to for several weeks now. The thumbnail at right shows the cluster that gold needed to blast through to get bullish. Check. Gold had positive divergence by MACD and kept its AROON uptrend.  These finally resolved bullish this week.

Here is another chart we’ve been using to keep track of gold’s big picture in Euros.  The fear and angst of the Euro crisis has been closed out with the gap fill.  That is another way of saying that the legions who became instant gold bugs in the Euro Refuge Knee Jerk Sweepstakes have now been… how do we put this?  Let’s think of a nice sanitary word…processed.  The knee jerks have been processed and the investor base cleaned out.

Much the same has gone on in the US, although the process has been much more drawn out, commensurate to the intensity of the US financial crisis and ‘great recession’ that the average person and conventional analysts happily package as being in the past.  Just keep that ZIRP going there Janet.  That’s the biggest tell right there.  A healthy economy, record stock markets and employment and manufacturing zooming upward and still… ZIRP out into 2015 or… ?

There is a case for gold as there has been since 2000.