Market Update: Gold In AUD$
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$, as you can see its virtually hit the 1x1 objective and the reversal is very strong so far, the interesting thing that I want to point to is the more clearer Elliott Wave pattern that is seen on XAU/AUD.
Not only has it virtually hit my target for the current down trend, we also have seen a strong move of that low and one that suggests an important low has been put in place.
Having seen a 5 wave advance (cleaner on XAU/AUD than XAU) I suspect a correction at least to correct the recent advance, thereby potentially setting up a buying opportunity as long as any decline is corrective.
As you can also see both markets track each other well, suffice to say that there is a very strong possibility that Gold priced in AUD$ has put in a low, and as such needs to be respected.
Until next time.
Have a profitable week ahead.