Andrews Forks can be somewhat subjective, which is why I don't often use this tool. That said, this one gives a bullish view of gold vs. euro. The weekly EMA 40 and the top tine of the Fork are very important supports to the bull case.
Weekly MACD shows that the 'knee jerks' that came aboard in the height of the euro panic last summer are but a distant (and destructive) memory. RSI must get above 50 for an actionable signal. The other two indicators show gold/euro at its most deeply over sold since 2008.
All in all, I am more comfortable feeling bullish now than during last summer's hysterics.
http://www.biiwii.blogspot.com
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Weekly MACD shows that the 'knee jerks' that came aboard in the height of the euro panic last summer are but a distant (and destructive) memory. RSI must get above 50 for an actionable signal. The other two indicators show gold/euro at its most deeply over sold since 2008.
All in all, I am more comfortable feeling bullish now than during last summer's hysterics.
http://www.biiwii.blogspot.com
http://www.biiwii.com
http://www.biiwii.com/NFTRH/subscribe.htm
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