Gold in recent days brokeout to 9-month highs in Euro and foreign currency terms. The UDN ETF is essentially the inverse of the US$ basket. It gives us a look at Gold’s performance against currencies (ex the greenback). Today Gold closed at 15-month highs against the Euro and the foreign currency basket.
The two charts are below with their 200-day moving averages which are now sloping up for the first time in about two years. Does this mean the bear market is over? This is something we’ve covered in our premium service in recent days.