Monday, December 15, 2008

EUR/USD and Gold; Dec. 15, 2008

Just a quick side note. I have been heavily short gold and have taken a huge pounding lately as gold has rallied ferouciously. Here's one reason: the EUR/USD suprised me and a lot of people in rallying through resistance very strong as you can see from the above 4hr chart. Once the rally exhausts, which should be fairly soon, the EUR/USD will roll over to a new low which is about 1300 pips away! Gold should fall significantly when this happens. The only question in my mind is when?

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