Gold price hitting multi-month highs – up 28% in euros from the low

Mid-way through december we noted that “in almost all other major currencies gold is showing some major strength”. This was before the ‘surprise’ (not so surprising if you’re the rather brilliant James Grant) bombshell  that was the Swiss central bank announcement of ending the Euro peg. Now we have a bonafide multi-currency gold rally on our hands.

In US dollars:

gold price $(click for sharper image)

We can see that gold has now risen some 12% from the lows just a couple of months ago.

But it is in the other global currencies where the major gold moves are happening.

In Australia dollars:

aud gold(click for sharper image)

Gold is now up 22% from the lows and hasn’t been this high in 17 months.

In euros:

euro gold(click for sharper image)

Gold is up a whopping 28% from the lows and at 20 month highs.

In UK pounds:

gbp gold(click for sharper image)

Gold has rallied a rather impressive 17% in two months and hasn’t been this high for 14 months.

In yen:

Gold is up 27% from the lows and is currently trading at 21 month highs.

yen gold(click for sharper image)

In fact gold in terms of yen has rallied so much that we’re only a mere 5% from making a new all time high in that currency.

yen gold ath(click for sharper image)

And finally back to dollars, where it joins the other currencies in now trading above its 55, 100 and  200 day moving averages.

usd gold averages(click for sharper image)

Quite an explosive start to the year for gold (thank-you Swiss central bank), and it’s beginning to look like the breakdown just before christmas was a classic ‘head-fake’ and the real move was up not down.

And with 15% more demand being talked about this year the picture for gold looks pretty shiny – what a difference a week makes.

It’s still too early to call the bear correction in a greater bull over – but the action this week is dropping some pretty big hints that gold mights just have (finally!) turned the corner.

Link to this article: : http://www.goldmadesimplenews.com/gold/gold-price-hitting-multi-month-highs-up-28-in-euros-from-the-low-12804/

Posted by on Jan 16 2015. Filed under Gold News. You can follow any responses to this entry through the RSS 2.0. You can skip to the end and leave a response. Pinging is currently not allowed.

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