Gold Bulls Hope the Euro Holds Long-Term Trend Line!

Currencies play an important role with precious metals.

Gold and Silver either have the tailwind of a weak US Dollar or the headwind of a strong Dollar.

Today’s chart looks at another key currency that often moves in different directions than the US Dollar, and thus has an effect on precious metals.

It’s a long-term “monthly” comparison chart of Gold Futures (top frame) and Euro Futures (bottom frame).

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The Euro and Gold have made important lows at each (1) on the chart. And they tend to be when the Euro is testing its long-term uptrend line (2).

Well, that is happening again at (3).

Will the Euro head higher again, thus weakening the Dollar, and providing a tailwind for Gold Bulls? Stay tuned!

Gold Futures versus Euro Futures Chart – Important Lows?

gold futures rally forecast rising euro february precious metals chart

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