Gold Priced In GBP

This is an interesting chart. Gold priced in Pounds was rejected at the Hypotenuse resistance of a descending triangle , reflecting a bounce in the Pound.

This is a bearish formation and indicates either a) incoming extreme Gold weakness, or b) a period of possible GBP strength.

Since the fundamentals favor the Dollar, I am prepared to bet against its inversely-correlated asset -Gold, and that a falling Gold price in Pounds would reflect a mark down in a Dollar-denominated asset across the board.

Nevertheless, it is interesting that we are approaching a climax in the Brexit saga - news events could spark volatility at this juncture, and the Gold price in GBP is foretelling this.


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