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Australian Dollar Breakout Could Send Gold Toward $3,000

By Chris KimbleForexJul 15, 2021 07:09AM ET
www.investing.com/analysis/australian-dollar-breakout-could-send-gold-toward-3000-200591632
Australian Dollar Breakout Could Send Gold Toward $3,000
By Chris Kimble   |  Jul 15, 2021 07:09AM ET
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The Australian dollar is trading near a very important resistance level.

AUD Monthly Chart
AUD Monthly Chart

And the implications are massive… especially for gold and the precious metals complex.

Today’s chart looks at a long-term “monthly” chart of the Australian Dollar. As you can see, the Aussie has been in a declining channel since peaking in 2011. Note Gold also peaked at that time (precious metals tend to perform well with a strong Aussie).

Looking at current trading, we can see that the Aussie is bumping up against massive resistance around the .80 level. This resistance is defined by a long-term horizontal support/resistance line, as well as the falling down-trend line.

A breakout higher would have big-time implications for the gold… likely propelling it toward the $3,000 level. But wait for a clean breakout to signal a green light. Stay tuned!

Australian Dollar Breakout Could Send Gold Toward $3,000
 

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Australian Dollar Breakout Could Send Gold Toward $3,000

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Comments (4)
Forex Harbingers
Forex Harbingers Jul 15, 2021 8:30PM ET
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.7 Aussie first at least
Mehmet Dutlu
Mehmet Dutlu Jul 15, 2021 10:56AM ET
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No no Aud has already peaked and in downward trend
AMARJEET Bhatia
AMARJEET Bhatia Jul 15, 2021 10:07AM ET
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Good trading strategy to play as Australian dollar at its lowest level against US dollars
paul rezford
paul rezford Jul 15, 2021 8:04AM ET
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Why would the Australia dollar price have an effect like this on the world gold price?
CJ McC
CJ McC Jul 15, 2021 8:04AM ET
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Because the Australian dollar and commodities go hand in hand :)
 
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