Gold looks technically bearish when looking on the US Dollar and Yen price per ounce but appears to bottom out in most other major currencies.
The Euro's strong decline to a 6-month low below $1.39 in the wake of continuing woes about Greece's precarious position - which is probably only the precursor to more deficit disasters in the Eurozone - has cushioned gold's correction from the all time high for Euro investors.
Swiss and British savers see a similarly pronounced effect.
Gold has also built what could be a bottom in Australian and Canadian dollars.
I am always puzzled to see that gold prices are still exclusively expressed in Federal Reserve Notes in media worldwide as this masks the real change for local investors.
The charts below again confirm my thoughts about fundamental flaws in technical forecasting, like simply which chart to take in the first place. Most investment advisors outside the US (and Japan) should actually ring the buy bell based on stabilizing domestic gold prices.
