7.2 C
New York
Friday, November 29, 2024

Euro Breakout In Play? Gold Bulls Sure Hope So!

Courtesy of Chris Kimble

The Euro has spent much of the past 2 years trading in a down-trend.

Though precious metals like Gold have fared well, this has been a bit of a headwind because it means that the US Dollar has remained firm.

Big Test In Play for the Euro

The Euro is testing a confluence of important support just as the downtrend is narrowing and ready for a “break”. That support includes lower falling wedge support and the Euro’s long term up-trend support line (see points 1 and 2).

If the Euro can succeed in breaking out at (3), it would be bullish. As well, a Euro breakout would likely mean a weaker US Dollar. And this would send a positive message to precious metals and commodities bulls. Stay tuned!

This post was originally written for See It Markets.com. To see the original post CLICK HERE

To become a member of Kimble Charting Solutions, click here.

Subscribe
Notify of
0 Comments
Inline Feedbacks
View all comments

Stay Connected

156,443FansLike
396,312FollowersFollow
2,320SubscribersSubscribe

Latest Articles

0
Would love your thoughts, please comment.x
()
x