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Euro Currency Rally Good for Gold

Currencies / Euro Jul 16, 2010 - 01:40 AM GMT

By: Mike_Paulenoff

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 (NYSE: GLD) should react positively to upside continuation in EUR/USD.

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By Mike Paulenoff

Mike Paulenoff is author of MPTrader.com (www.mptrader.com), a real-time diary of his technical analysis and trading alerts on ETFs covering metals, energy, equity indices, currencies, Treasuries, and specific industries and international regions.

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