GOLD/AUD - $2,800 Fib Target Within Sight
Updated
Quick update on GOLD/AUD
We appear to be chugging along in a relatively undisturbed uptrend, the Fib extension targets from the April-August 2019 wave higher are pitching a potential point of resistance at the $2,800 mark as this coincides with the 1.27 extension. With a potential overshoot to just shy of $2,900 (based on Keltner channel targets)
Technicals:
~ Macd is bullish and is crossing above on the daily
~ Daily RSI appears to be congruent with the move higher, with no significant divergences, the monthly RSI however, is quite overbought at press time, but is confirming the higher highs
~ Price recently checked in with the 50 ma, so there is still ample room to move higher before a more substantial pullback
~ Price appears to be respecting the 21 ema
~ Looking to the monthly, price has come quite detached from the 10 period ma, suggesting that some mean reversion is on the cards, either by way of price falling, or a period of consolidation to allow the moving averages to catch up
Overall GOLD/AUD is performing very well and looks set to continue higher, at least to the $2,800-$2,900 range, at that point i would expect some selling pressure which could prove to be an ideal entry point
-TradingEdge
We appear to be chugging along in a relatively undisturbed uptrend, the Fib extension targets from the April-August 2019 wave higher are pitching a potential point of resistance at the $2,800 mark as this coincides with the 1.27 extension. With a potential overshoot to just shy of $2,900 (based on Keltner channel targets)
Technicals:
~ Macd is bullish and is crossing above on the daily
~ Daily RSI appears to be congruent with the move higher, with no significant divergences, the monthly RSI however, is quite overbought at press time, but is confirming the higher highs
~ Price recently checked in with the 50 ma, so there is still ample room to move higher before a more substantial pullback
~ Price appears to be respecting the 21 ema
~ Looking to the monthly, price has come quite detached from the 10 period ma, suggesting that some mean reversion is on the cards, either by way of price falling, or a period of consolidation to allow the moving averages to catch up
Overall GOLD/AUD is performing very well and looks set to continue higher, at least to the $2,800-$2,900 range, at that point i would expect some selling pressure which could prove to be an ideal entry point
-TradingEdge
Note
the move to 2750 might be all we get in this wave up, the mean reversion i noted could very well bring the price back down
Related publications
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.