the pair XAUAUD seems to be forming a possible treble top. good potential return for a sell on it.
watch out for the break down thou.
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Bullish breakout forming on Gold Aussie.
Inverted head and shoulder pattern on 4HR chart.
Ascending triangle with price pressed up against current month high.
Price is moving fast if you look at daily time frame. There may be a pullback before we go higher.
If you are going to take the breakout anticipate a strong move away from the breakout level. If this...
yeah yeah.. AUD heading lower against USD which means GOLD in AUD will rise.
yeah debase the currency to expand the debt ....
no going back now....
everyones got enough debt in AUD already. saturation point is reached.
Let the market force the trade, wait for a break of the current range and ride gold into the December highs.
There are obviously many considerations we should assess when trading any market. But, two that stand out when trading gold, especially when it's strongly trending, are:
1) Whether gold is going up/down in other G10 currencies, and not just USDs
It looked as though the price of GOLD had broken out mid week if you examined the candlestick chart but the GOLD price retreated by friday. We check the closing price using the line chart and see that breakout had actually failed to eventuate.
We will wait for the coming months to see if the momentum moves to the upside. Will the AUDUSD move higher/lower. this...