This Chart Might Actually Be Bullish For Gold (GLD)
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.
This article is brought to you courtesy of Kimble Charting Solutions.