0
460
We are still waiting to see how the timing relationships we mentioned
earlier this week are going to play out. The euro is starting to show
signs of stalling out while Cable remains pretty bid. How we close the
week out should help clear up the cyclical/technical picture and give us
some directional clarity. Another market worth watching closely here is
Gold. It has a similar cyclical set up as that of the European
currencies and actually might be leading by a day or so. On Wednesday
the metal found support where it needed to with a reversal occurring
just a bit under 1200 dollars an ounce at a convergence of the 78.6%
retracement of the year-to-date range and the 1x1 Gann angle line of the
2013 closing high. A move through 1236 is now needed to confirm that a
more meaningful push higher is underway. Weakness below 1197 would
invalidate the burgeoning positive cyclicality and re-focus lower.
New York closed at $1,211.20 up $2.70. In Asia the gold price was lifted to $1,215.60. London Fixed the gold price at $1,217.75 up $11.25 and in the euro, at $1,068.295 up 8.939, while the euro was almost unchanged at $1.1399. Ahead of New York's opening gold was trading in London at $1,217.4 and in the euro at 1,068.18.
New York closed at $1,211.20 up $2.70. In Asia the gold price was lifted to $1,215.60. London Fixed the gold price at $1,217.75 up $11.25 and in the euro, at $1,068.295 up 8.939, while the euro was almost unchanged at $1.1399. Ahead of New York's opening gold was trading in London at $1,217.4 and in the euro at 1,068.18.