Wednesday 6 March 2013

When will GOLD shine again?

Probably you have seen thousands of gold charts by now. Mine is not distinctly different but it makes a point which may profit you handsomely very soon. The main channel in red, one support line in green and another support level in blue. All these point out to the possible inflection region which is marked with purple
Gold cannot be left alone without its currency AUD. In fact copper shows the same symptoms of a sideways correction. All three have been just standing there doing almost nothing since 2011. AUDUSD has a potential contracting triangle in the making and also a massive upwards channel but it needs a touch first. I admit this is a very long shot but I just keep this chart in mind for the next months.
In the short term AUDUSD has some upwards potential if it can break this up.



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