Selling yen to buy gold (instead of using US$) has been a much better strategy if you wanted to be Long gold.
If you notice since 2011 the price of Gold in terms of Yen has not had as much draw down (still in a large range) whereas gold prices in terms of US$ have collapsed since 2011.
Price is at long-term channel support but there is a potential H&S which when confirmed would lead to much lower prices for gold.
I am going to initiate a long/short position in gold in the coming weeks/months and I will be using this chart to find a strategic zone to buy. XAU/USD chart is a mess.
If you notice since 2011 the price of Gold in terms of Yen has not had as much draw down (still in a large range) whereas gold prices in terms of US$ have collapsed since 2011.
Price is at long-term channel support but there is a potential H&S which when confirmed would lead to much lower prices for gold.
I am going to initiate a long/short position in gold in the coming weeks/months and I will be using this chart to find a strategic zone to buy. XAU/USD chart is a mess.