* the euro & yen 1-month volatilites are 0.73% & 0.66% respectively; Comex gold 1-month volatility is 0.99%.
Weekly Summary for December 08, 2017 AM
Two important charts to watch remain the gold-to-S&P500 or AUSP (see "Chart to Watch" below) and gold in terms of major currencies euro and Japanese yen (directly below).
Warning from this week's gold survey (above): Most troubling is this week's breakdown of one of gold's most enduring uptrends for 2017. Gold in terms of Japanese yen has enjoyed a succession of higher lows since the U.S election. That has now come to an end with gold losing nearly 2% in value to the yen this week. This is important because the Japanese currency often competes with gold for safe haven status. The uptrend collapse is an ominous turn for the lustrous metal.
A fall below $1,260 is bearish (we're there!); below $1,230, very bearish.
Click on the image for a larger size:
Here's a chart to watch for 2017. Click on the image for a larger size:
Colonel Possum & Mariana