Weekly Gold/$CDW

The weekly chart for the Canadian dollar gold price, taken from dividing the $US dollar gold price with the canadian dollar value is showing that a gap-up was recently filled, which had appeared in September of 2011.

Switching to the monthly chart in the same asset price shows the gap more clearly. The monthly high for September was actually above $2000/oz. CDN.

A bull flag is also forming. The fibonacci resistance levels show the average price of $1643/oz. CDN since commercial production was declared in the La Ronge Gold Project.

$CDW chart shows a siginificant rise in the loonie for several years vs. the buck, but despite this, gold prices are up in Canadian dollar terms.

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Kitco - Canadian Dollar Gold Price

http://www.kitco.com/gold_currency/index.html?currency=CAD

-F6