A closer look on XAUCNY suggests more downside to come in XAUUSD.
... Impending gold PEG in Mid-October...?
If you are interested in Gold/Silver big time upside, the XAUCNY may even interest you more. See if your broker has this option.
I believe that Gold denominated in Yuan will rise. Stop below the green line.
Gold is loosely pegged at 8500 CNY imho. In order for Gold to fall against the USD, either China devalues CNY vs Gold or USDCNY would have to soar. Neither the US nor China wants either for different reasons. So why is Gold rising today? XAUCNY is reverting to its 8500 peg yet again. USDCNY will have to break higher for Gold to break below...
Harmonic Bat on Chinese Weekly chart. Before reaching the BAT target there is Gartley in between. So it may not fall as we thought
This is much easier than xau/usd :) No Comment :)