All right folks, I thought it might be a good idea to add yet another thread to talk charts, but perhaps with more of a focus on Elliott Wave.
I will kick off the first post with some basic analysis of spot gold and the relationship to AUD/USD. As the days and weeks go by I/we can continue to build upon these themes and have some good dialog.
AUD/USD & Gold
As you can see from this chart of Gold vs. AUD/USD the 2 are closely linked. Combine this with weak equity markets and you can quickly see the potential for lower levels in AUD/USD going forward.
The near-term forecast (next several hours) for gold a bit unclear, but the overall trend remains down.
I will kick off the first post with some basic analysis of spot gold and the relationship to AUD/USD. As the days and weeks go by I/we can continue to build upon these themes and have some good dialog.
AUD/USD & Gold
As you can see from this chart of Gold vs. AUD/USD the 2 are closely linked. Combine this with weak equity markets and you can quickly see the potential for lower levels in AUD/USD going forward.
The near-term forecast (next several hours) for gold a bit unclear, but the overall trend remains down.