After falling in dollar terms in november to a fresh low around $1130 gold has rebounded back and is trading up around 4% for the year.

However, the two big stories for 2014 has been the collapsing oil price (trading with a 5 handle today), and the rise in the gold price.

Below is the chart for DXY, a basket weighted index of the dollar against the world’s major currencies.

As you can see, since half-way through 2014 the dollar has rallied over 12% an enormous move in such a short space of time.

So what has the meant for the price of gold in other currencies?

In Australian dollars:

We can see that last month’s fall in the price of gold didnt produce a new low for the move (that happened all the way back in June 2013).

We can also see that the recent move up in december in the gold price means that should gold close out the month at these levels it will be gold’s best close in 9 months.

We can also see that gold is trading above its 55, 100, and 200 daily moving averages.

In Canadian dollars:

There is a similar story for gold price in Canadian dollars. Gold didn’t make a new low last month and a close a these levels will be gold’s best monthly close since March.

Gold is trading above its 55, 100, and 200 daily moving averages in terms of Canadian dollars.

In Swiss francs:

Again, no new low was made last month, and Swissy gold trades above its its 55, 100, and 200 daily moving averages.

In British pounds:

Like all the above no new low made last month, and a close at these levels will mean gold’s best monthly close since March.

Note gold priced in pounds is now firmly back above the 55, 100, and 200 daily moving averages.

In euros:

Like all the other major currencies (expect $s) we can see that gold didn’t make a new low last month in terms of euros. And in fact if gold can close out the month around these levels it will be gold’s best monthly close since september 2013.

Once again, gold now trades above all its major moving daily averages.

In Japanese yen:

Now this is the really interesting chart. As you can see not only was there not a new low for the move last month, we can see that yen gold is only 5% from making a new all time high.

It is also trading way above its moving averages.

Which brings us onto gold priced in dollars. After making those fresh lows last month we can see that gold has rallied back above its 55DMA and is being capped at the moment by the 100DMA.

It would seem that 2014 the currency wars that Jim Rickards wrote about a few years back have re-ignited this year and look set to be a recurring theme next year. A new high for gold in terms in yen should make things very interesting in the gold space for 2015.

www.goldmadesimplenews.com/gold/in-almost-all-other-major-currencies-gold-is-showing-some-major-strength-12796/