This brief comment below from the Legendary Trader Dennis Gartman. For subscription information for the 5 page plus Daily Gartman Letter L.C. contact – Tel: 757 238 9346 Fax: 757 238 9546 or E-mail: firstname.lastname@example.org or HERE to subscribe at his website
SPOT GOLD IN US$ TERMS: Things Are Coming To A Point, Aren’t They?:
“Triangle” consolidations almost always end with the market moving in the direction that prevailed prior to the formation… in this instance higher!
We are most impressed with the fact that gold is trading firmer despite… or perhaps interestingly because of… the stronger US dollar. Gold is firm, and quite so, in terms of the EUR, the Yen, Sterling et al, and we accept that as a condition of the world’s central bankers at the margin quietly moving away from the EUR as a reservable asset and moving to gold instead.