$XAU/USD (Gold Spot) Trying To Ski Through Downtrend, 50DMA Resistance

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While I sip on a Red Stripe, I'm watching $XAU/USD (gold spot priced in US Dollars) test a downtrend resistance level and 50 day moving average.  According to this free live chart at fxstreet.com, gold spot is trading at 1105.27 (up 0.55%), the 50 day moving average is at 1109.71 and it's testing the downtrend line as you can see.  I'll do a longer term analysis on gold futures and the $GLD ETF later.  I'll look into gold volatility as well and COT, whatever data is available.  We are at another serious inflection point.  If gold spot can take out this downtrend channel the long side could be in play again, at least in the short term IMO.  If it fails it could see another wave down it looks like.  You can see support from October, 2009 in the near term which hits the triangle vertex point.  We'll see.  I charted out the GLD/SPY ratio a few days ago (1:1), as well as EUR/GOLD which was testing an important low. If the Euro really falls apart here and/or people hit the safe haven ask, will the $USD or $GOLD outperform?

XAU/USD, Gold Spot courtesy of FXStreet.com

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