Kagi chart is one of the ways how quotes of financial instrument (currency, good, security) may be rendered. Kagi chart line follows the price in one direction until the tendency changes. Upon breakup of tendency, price moves to the right and a new Kargi line is built in the opposite direction, the second line is connected with the previous, horizontal bridge in the reversal point.
On August 15, 1971, the United States of America unilaterally declared of canceling of direct convertibility of its national currency to gold. It finished an epoch of Bretton Woods currency system, US dollar rate started floating and gold turned into independent asset. This event is known in the history as Nixon Shock, because despite of being long-expected, it was a total shock for the most part of countries. The world required several years from then on to develop and launch new rules for international trading.
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