Gold’s Dollar-Price Breakout Started With A Yuan-Priced Breakout

From mcoscillator.com

Gold prices shot higher starting on June 14, once the dollar price of gold cleared the Feb. 20, 2019 high at 1343.70. That brought out the momentum chasing buyers, or at least it brought out those who think in dollars. But a breakout to a higher high had already taken place if you look at the spot price of gold as measured in the Chinese yuan. It moved above its equivalent high on June 3, almost 2 weeks before the dollar price’s breakout. Traders and investors in the USA are used to looking at everything in dollar price terms, because that is what matters for their trading success. We buy and sell in dollar terms, ... (full story)