Gold: Short-Term Bearish Outlook Continues
March 23, 2010 by goldguru · Leave a Comment
Gold Price Today submits:
Gold rallied to a high of 1133.3 last week but fell sharply by Friday’s close. A head and shoulder pattern has emerged that forecasts a short term bearish trend for the gold price…
Last week the dollar rally continued to find strength as leading EU member officials, one by one, questioned what the EU’s response to the Greek problem should be.
The gold price charts in different currencies reflect an unanswered question of how to handle the Greek conundrum.
Last week Jose Manuel Barroso, the European Commission president, called for an agreement to be reached by EU governments over a financial standby emergency facility for Greece…
The German finance minister, Wolfgang Schauble, announced on Friday he still has ‘strong reservations’ about a possible EU bailout. And Nicolas Sarkozy, the French president, is also said to be uncertain.
On Thursday the EU’s 27 government officials will meet in Brussels. At this meeting, George Papandreou, Greece’s prime minister, has said he will look for a clear statement on how the EU will help Greece should they request financial help.
Over the week the Euro dropped 1.8 percent against the dollar and 0.8 percent against the pound.
