NZPOG continues to loose air …

I’d have to say NZPOG is the most tedious chart in my collection, this whole winter (southern hemisphere) it has lost any sense of volatility as the USPOG moves have been negated by the USD, translating into an NZD Gold price that just leaks value progressively. Today it’s dropped again beneath a horizontal support, though we can start to see a narrow downwards channel forming. Gold bugs holding this metal in Kiwi$ will not like the prospects of a rising USD and falling USPOG, which could translate into more sideways tedium.

USPOG slumps

This is hard to ignore, when USD gets some upside and USPOG slumps and hits perfectly the 50MA (low) and closes right on the rising mid-trendline. Clearly USPOG is showing further weakness here after having failed on numerous rallies since the all time $1033 high. You’ve got to factor in a potential for at least $930 and under that, the recent low of $865. Alternatively, a rally above $971 would signal $990, though IMHO less likely.