jhong,
Do you know any TA on gold where currency factors are neutralized? It seems in a dollar down gold up scenario all we have are USD devaluation induced currency exchange adjustments. I see many arguments (like in this post) of , say, 'major resistance at $430' has been passed, but if, for example, dollar index went from 85 to 50 and POG went to $700 it would be an exchange rate-driven adjustment. Until the exchange rate impact can be stripped out we can't see global technicals (unlike oil, used globally, gold is bought somewhat more in a reaction to price movements, and POG is negative in CAD, Euro, NKR YTD).
Any suggestions on where to look for analysis that can strip out USD devaluation moves to determine resistance/support etc?
I just see investors getting misled by statements like "above $430 there's nothing to $500" when in fact there is resistance, and the reason is POG is priced and evaluated in a devaluing currency but global demand will depend on strength across many currencies.
TIA
David |
