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This Chart Might Actually Be Bullish For Gold (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.

You are viewing an abbreviated republication of ETF Daily News content. You can find full ETF Daily News articles on (www.etfdailynews.com)



Source: https://etfdailynews.com/2018/08/10/this-chart-might-actually-be-bullish-for-gold-gld/
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