Panic – what panic. Not according to the price of gold and whilst other markets have seen extreme volatility with equities plunging, currency pairs opening gapped down, and the VIX moving violently, gold has continued to remain calm and serene throughout, with hardly a murmur to reflect the turmoil around.
The EURUSD pair gapped lower at the open on Monday, crashing into the 1.10 handle. This area had enough support in it though to keep the market afloat and we bounced much higher.
The AUDUSD pair rose during the course of the day on Monday, continuing the bounce that we have seen off of the 0.76 handle.
The EURUSD pair went back and forth during the course of the day on Friday, essentially settling nothing.
The AUDUSD pair fell during the course of the day on writing, but remains well within the consolidation area that we have been stuck in for some time.
Many traders immediately think of precious metals like gold (GLD, quote)when hedging inflation.
The EURUSD pair had a slightly positive session on Wednesday, but quite frankly was a bit on impressive.
The AUDUSD pair initially tried to rally during the day on Wednesday, but found far too much in the way of resistance
EURAUD formed a double top pattern on its 4-hour chart recently, signaling that price is exhausted from its climb. The pair just broke below the neckline of the chart formation, confirming that a reversal is bound to take place.
Nature and Man’s ideas can be amazingly beautiful, overwhelming, and sometimes disastrous.
