The GLD/FXE ratio is the most interesting chart because it formed a perfect ascending channel. GLD/FXE just hit the top of the 3 year channel, so it either goes parabolic or the ratio narrows a bit. GLD/FXY looks similar to the GLD/Dollar relationship, using the 2008 high as floor support, but Gold/Yen also formed an ascending channel throughout 2009. GLD/FXB looks similar to FXE but hasn't hit the top of the channel yet. Last but not least, even the commodity currencies (FXA, FXC) took a hit against GLD recently. Looks like a mini 2008 carry trade unwind redux combined with interest rate speculation and economic data? For Aussie [rates unchanged tonight at 4.5%, Australian article on AUD, building permits fall 14% in April, retail sales up]. I REALLY want to know the ultimate fate of GLD/UUP. I just posted a video with David Rosenberg saying gold could hit 3,000.
GLD:UUP (Gold ETF/US Dollar ETF) - StockCharts.com
GLD:FXE (Gold/Euro ETF)
GLD/FXY (Gold/Japanese Yen ETF)
GLD/FXB (Gold/British Pound)