Euro Gold Closes the week at an All Time High

If we look at weekly closes, then Gold priced in Euros broke-out to a new all time high. Below the main graph we plot Gold/UDN (foreign currency index) and Gold in US$.

Since early 2008, Gold against foreign currencies has led Gold. Gold/UDN is very close to matching what Gold/Euro did this week. The Gold/UDN chart suggests that Gold in US$ will have a four and a half month correction before embarking on a sustained advance. This implies we would see a bottom at the end of April and a new high in a summer.

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