Email of the day - on gold
Comment of the Day

June 08 2020

Commentary by Eoin Treacy

Email of the day - on gold

Here is a screenshot with some key indicators on gold shown in USD – all seem to be near their historical lows.

Considering that in non-USD currency like the EUR, gold has fallen another 5% over the past 2 weeks, one COULD argue that gold should be finishing its correction which has been much more pronounced than shown by  the price in USD alone ( the equivalent of another loss of 5% x USD 1750 = USD 80….)

Deducting USD 80 from today’s final cash price of approx.. USD 1685, the resulting USD 1605 gets us near the USD 1580 which approx.. is the 200d ma.

Eoin Treacy's view

Thank you for this chart which depicts a number of short-term oscillators. The US Dollar denominated price of gold steadied today from the lower side of its evolving two-month range.

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