Gold Is Leading The Euro

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Gold Is Leading The Euro

By David Spurr on October 2, 2008 | More Posts By David Spurr | Author's Website

The CurrencyShares Euro Trust (FXE), proxy for the EURO, is retesting the 139 level. It was at that level, roughly a year ago. The volume is dropping off on the retest, suggesting that it might be able to hold this level. A bound and a rally could bring it back up to the 147.50 level. A failure could see it drop to the 135 level. The second chart is the chart of the GLD (GLD). It’s interesting to see how GLD leads the FXE.

At the tail of the GLD, it appears that perhaps GLD may want to move higher. I like the FXE and GLD for a bounce here.

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1 Comment :

Comment by Stefan

2008-10-03 06:37:42

Nice thinking. Excellent.

Reply to this comment

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