This Chart Might Actually Be Bullish For Gold (GLD)

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August 10, 2018 6:27am NYSE:GLD

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Technical analyst Chris Kimble looks at an important currency chart and sees potential for a commodity rally if things break down further.

The chart looks at the price patterns of the Aussie Dollar over the past 20-years.

The trend on the AU$ is up over the past couple of decades and it is down since peaking back in 2011.

The decline of late has the AU$ testing 17-year rising support and the apex of a potential bullish falling wedge at the same time.

Should the AU$ happen to hold at support and break above resistance of the falling wedge, it would send a positive message to metals and commodities.

Gold, Silver, and Commodities very much need the AU$ to hold at this dual support test!!!

The SPDR Gold Trust ETF (GLD) fell $0.15 (-0.13%) in premarket trading Friday. Year-to-date, GLD has declined -7.21%, versus a 7.25% rise in the benchmark S&P 500 index during the same period.

GLD currently has an ETF Daily News SMART Grade of B (Buy), and is ranked #1 of 34 ETFs in the Precious Metals ETFs category.

This article is brought to you courtesy of Kimble Charting Solutions.

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