Market Update: Gold In AUD$

By: Nouf | Wed, Jan 11, 2012
Print Email

Has gold put in a low?

One market that I like to track for gold priced in US$ is that of gold priced in AUD$, as you can see its virtually hit the 1x1 objective and the reversal is very strong so far, the interesting thing that I want to point to is the more clearer Elliott Wave pattern that is seen on XAU/AUD.

Gold in AUD$
Larger Image

Not only has it virtually hit my target for the current down trend, we also have seen a strong move of that low and one that suggests an important low has been put in place.

Larger Image

Having seen a 5 wave advance (cleaner on XAU/AUD than XAU) I suspect a correction at least to correct the recent advance, thereby potentially setting up a buying opportunity as long as any decline is corrective.

As you can also see both markets track each other well, suffice to say that there is a very strong possibility that Gold priced in AUD$ has put in a low, and as such needs to be respected.

Larger Image

Until next time.

Have a profitable week ahead.




Author: Nouf


The information written in this article should not be used for any trade recommendation. accepts no responsibility for any losses occurred for any results or actions taken based on the content from this report.

Futures, stocks, Forex and commodity trading carries a high level risk and may not be suitable for everyone, any readers of this article are STRONGLY advised to contact a licensed investment advisor before making any financial decisions.

Copyright © 2010-2015

All Images, XHTML Renderings, and Source Code Copyright ©



Source: The Contrarian Take