A ‘trading’ high in Gold

I think the Gold price is at a ‘trading’ high.

Gold priced in AUD needs to break above A$2,695 to make a new ‘higher high’ and extend the current upward trend.

If not, the trend loses steam and wanes.

Currently, it’s A$2,635.

Then downside risk lies around A$2,435 (+/- $50).

USD priced Gold (currently US$1,771) needs to trade above US$1,808 to increase probability of the bullish trend continuing.

If it can’t breach that ceiling, it’ll prove to be a headfake and expect a re-test of the recent US$1,617 lows.

November 15, 2022

by Rob Zdravevski

rob@karriasset.com.au

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