Gold Price in Dollars, Pounds and Euros
Imagine a race between the dollar, the pound and the euro compared to the ounce of gold.
The starting point is in the lower part corresponding to the summer of 1999. There are steps every major resistance (450, 700 and 1 000 to the dollar) to measure performance and make a classification. The uniqueness of this race is that the first is the loser.
The ideal starting point is the low point of July 1999 to $ 253, 157 pounds or 252 euros per ounce of gold.
First point is the change of resistance of 450 dollars, 230 pounds or 350 euros per ounce of gold. In step 1, gold rose 82% in dollars, 53% pound and 41% in euros.
Second point is the cross resistance of $ 725, 375 pounds and 550 euros per ounce of gold.
In step 2, gold rose 186% in dollars, 143% in pound and 119% in euros.
Third point is the cross resistance of 1 000 dollars (now). The pound and the euro have not yet passed their resistance, but the dollar has led the way, the pound and the euro should follow in the coming weeks.
In step No. 3 gold has risen 315% in dollars, 324% in pound and 183% in euros.
Results of the race: the pound sterling is 1st, with an increase of 324%. It managed the impossible bet to catch up and surpass the 315% increase in the gold price in dollars. Gold in euros is the last, with a "small" 183%.
Fracture resistance No. 1 took place 1st with the pound and the euro. Fracture resistance of No. 2 took place 1st with the dollar. As for the fracture of the third resistance it is still the dollar, which has opened the door.
If we use the gold price in dollars as a leading indicator of the fracture resistance of 1 indicates that 000 dollars a pound, then the euro will follow the same trajectory.
Objectives of these three future waves up (only if fracture resistance):
- For gold in dollar, fracture resistance at 1 000 provides a target to 1318 dollars (420%).
- To pound, breaking strength to 680 pounds gives a goal to 790 pounds (403%).
- For the euro, break resistance at 770 euros gives a target of 900 euros (255%).
Yes, gold rises more slowly in euro than dollar or pound, but it goes fast enough to be a good investment for the 325 million inhabitants of the euro area.
A report in French charge of 8 pages on a company with gold & uranium listed in Canada is available here.
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Dr Thomas Chaize
October 15 2009
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