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
Comment:
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
