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Goldtent

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Good Evening Fellow Chartist

(1st Goldtent Post by Matrix)

August 21, 2014

Spending 22 years in the Forex business had my ego believing that everything revolved around currency values, now that I’ve been retired for the past 12 years I realize I was 100% correct.

I’m going to highlight key currencies that act as a Windsock indicators as to where Gold trades. The #1 chart reflecting Golds action is $YEN…have a look at Golds action since the devaluation of the Yen unfolded. Sept 2012 Gold is trying to regain the $1800 level as $Yen trades @ 129 with the Japanese equity market at 8500. Over the next 9 months $Yen devalues 30 pips as the Nikkei tags on a gain of 88% while Gold falls $600 creating the Chop trade zone between $1400 and $1200

http://stockcharts.com/h-sc/ui?s=$XJY&p=D&yr=2&mn=3&dy=0&id=p91758247992&a=348679109&listNum=1

The next Monthly chart shows the trading zone $Yen and Gold have been in since the big dive spring of 2013

http://stockcharts.com/h-sc/ui?s=$XJY&p=M&yr=2&mn=6&dy=0&id=p11671480024&a=363506812&listNum=1

Looking back YTD on the daily action one can see the major resistance zone of which Gold is turned back from a true bullish breakout….the key 99 level for $Yen….this chart suggested exiting ALL long positions in the pm’s sector last week as the indicators we currency traders use rolled over.

http://stockcharts.com/h-sc/ui?s=$XJY&p=D&yr=0&mn=9&dy=0&id=p52119927500&a=362766893&listNum=1

This chart highlights where Gold could make its final low off a tag of 92 $Yen or 78

http://stockcharts.com/h-sc/ui?s=$XJY&p=W&yr=20&mn=0&dy=0&id=p98282004533&a=327691327&listNum=1


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