Euro Rally Good For Gold

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By Mike Paulenoff | Published 07/15/2010 | Currency , Futures , Options , Stocks | Unrated

Euro Rally Good For Gold

The euro rally versus the dollar has really started to gain steam, propelling the euro to retest a major resistance plateau (formerly support) at 1.2880, which if hurdled and sustained will argue for additional strength that next should confront the sharply declining 200 DMA, now at 1.3315.

Gold prices and the SPDR Gold Shares (GLD) should react positively to upside continuation in EUR/USD.

Mike Paulenoff is a 26-year veteran of the financial markets and author of MPTrader.com.

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