Gold: Trying to paint the chart with Dollars and Euros again

Call me paranoid, but today they tried again to paint the gold chart by using the $/€ cross. Their target was again to break through the resistance at 1.208, but they were not successful. The move down began at midnight UTC. It had three stages. First, they reduced the $POG without intervention in the “currency market”. In the second phase they slashed financial gold, while at the same time beginning to lift the $ (7:00 to 8:00 in the morning UTC). And in the third stage they kept supporting the Dollar, while doing nothing to the $XAU (or just a little bit). At lunchtime they seem to have given up. PS concerning permanent government intervention in currency markets.

Don’t ask me, what this is supposed to mean. Looks, as if they took the TA patterns serious – even though it is an obviously rigged market. But maybe this is a completely wrong concept. Maybe TA behavior is used as an instrument to rig the market.

Maybe they give it one more try.

PS concerning permanent CB/ESF intervention in currency markets. Gernot, you think it’s crazy to suspect, that the CBs and their proxy investment banks are managing the currencies 7/24, even the free floating ones.

I cannot prove my assumption, but you can’t either, so there will be no certainty.

I cannot imagine a monopolist, who is the only to issue (supervise the creation of) his currency to let go of of his produce and hand it over to market forces. That’s ludicrous. If I were them, I would hook up with other currency monopolists to do a better management job.

Unabhängiger Journalist

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