Market watchers see this as the initial step in cutting Europe’s top 3 rated economies of their AAA credit rating.
The downgrade was due to Greece’s increased chances of exiting the financial block and increased risk from Spain and Italy on the single currency.
Today the troika meet in Athens to review how Greece is meeting its strict austerity commitments to their creditors. Contagion remains likely given the root cause of the crisis has not been tackled.
Gold is currently testing a monthly support level on the Ichimoku Kinko Hyo chart. Ichimoku builds on candlestick charting to improve the accuracy of forecast price moves.
Popular in Japan, Ichimoku is gaining traction in the west and many proponents, including Bloomberg, due to its charting accuracy. Bloomberg functions show that the last three times this happened, the price rallied from the support level by 127%, 83% percent and 141%.
Gold is currently testing a monthly support level on the Ichimoku Kinko Hyo chart. Ichimoku builds on candlestick charting to improve the accuracy of forecast price moves.
Popular in Japan, Ichimoku is gaining traction in the west and many proponents, including Bloomberg, due to its charting accuracy. Bloomberg functions show that the last three times this happened, the price rallied from the support level by 127%, 83% percent and 141%.
More information can be found online at http://www.goldbullionadvisors.com
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