Gold - Euro (GLD-FXE proxy): Risk reduced

Gold-Euro has not come down quite as far as I thought it would, yet gold has worked off its severe over bought condition vs. Uncle Buck's competitive toilet paper.  Downside possibilities remain for our original .85 to .80 target zone, but the rising EMA 75 says damage would be quite limited.

It is quite bullish for gold to see the over bought get worked off through consolidation as opposed to falling out of bed.  It means that holders are strong and buyers are looking for ongoing downside opportunities, that don't always present.