Gold, alternative intel collection

Gold on the monthly.

Not much new you say, correct. For the moment just keep an eye on the lines. Note price has not broken the most recent low and as I mentioned before, this I believe is weak support and I cannot see buyers coming in.

Gold on the monthly.

I know what you are saying, why two Gold monthly charts Doc, too much Christmas cheer?

Not at all, this is a monthly Gold chart but traded in Euro and not US Dollar. Now take note of the same lines and see how price has comfortably pushed through what was weak support and no buyers came in. Given the month is not yet finished there is the possibility of the monthly candle closing with a long tail. Until I see it I cant forecast any further, however on the balance of probability I think it is unlikely it will close above the line.

Gold has always been a risk haven and given the US Fed has not had a negative impact on the US markets with the taper program and the Europeans same day announcement of a new banking fix for the future...which of course was a pure fluke both news releases came on the same day (insert much eye rolling here) the effect on US and EU markets was not negative, in fact positive.

The sky is no longer falling and the once poisonous banks are again attracting stock buyers and some property companies loading up on bricks and mortar. A sign pro money from the practical world feel its time to invest again.

With that kind of outlook Gold then looks less attractive when there are better opportunities around the corner and faster ways to make money. Also the tool of using more than one financial outlook on any market comes in useful for hints at whats in store. Like always, make your own decisions and use all the tools you can and all the info you can get, once it comes from valid sources.

The falling Gold price will likely send the AUD lower and the CAD will also be one to watch. The good Canucks may see a boom time if their eneregy reserves can be sent to the US via practical means. In plain english, get that pipeline in place and it will be great for Canada. And while on the energy track, there will be interesting times for US companies involved with shale gas exports. Russia will then become more competitive with their pricing and the 100USD a barrel for oil suddenly becomes less of a problem like it has always been. Politics, dont you just love to hate it.