Current AUD Gold price view

My read of the gold price, specifically priced in AUD is;

while there are no extreme readings present either side of the pendulum,

the daily trend is turning bearish, albeit its embryonic, 

while the medium term upward trend is not under full steam.

This tells me that initiating long positions is merely participatory as the price is in ‘no-mans land’.

There is growing bias for lower prices in AUD priced Gold towards the A$2,420 level, which is approximately 9% lower than today’s A$2,650…..

however I’ll need to see certain support levels pierced in order to confirm any strength in a developing bearish trend.

While a move above A$2,690 begins to dilute this view.

December 16, 2022

by Rob Zdravevski

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