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Spot Gold and Aussie Gold price action
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Time Frame : Intraday 1 hour Charts
Spot Gold is at a crossroads where it could rally just as easily as fall. Price is hovering off major support around the 1810 level which will need to hold for bulls to get excited again. If we see a push to 1828 from current levels then we expect that buyers will get active again and lift Gold towards the 1847 area which may just break the back of the bears. We can see on the hourly timeframe that new lows have been bought up quick which suggests the 1793/1817 zone is serious and bringing in some major bulls….we will have to wait and see how this plays out. Aussie Gold is set to extend below 2320 unless bulls can stand their ground. The current momentum is down but may be running out of puff so watching for failed lows to play out and some higher lows to bring in the buyers…no need to pick a bottom as the price action will leave enough clues.
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Commodity : Gold
Current Price Spot XAUUSD : 1821
Current Price Aussie XAUAUD : 2339
Status : On watch for Gold to move higher
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Spot Gold
Aussie Gold
