Euro Rally Good for Gold

Mid-Day Minute for Thu July 15th 2010
by Mike Paulenoff, www.MPTrader.com

Be alerted when Mike posts an article

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.

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. Sign up for a Free 15-day trial to Mike's ETF & Stock Trading Diary.

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