Today gold price has spoken and it is saying it is about to change her trend. While many will attribute the rise in the gold price to the war in the middle east there is also the case where speculators are shorting the gold futures to the extreme level 2 weeks ago in the cot report. Now with the war many would have to cover their shorts; but this could be a trigger for the change of sentiment toward gold for investors
First up the gold price in us dollars. We have prices just breakout of the falling wedge using the closing prices to print the top and bottom rail. Also there is a high likelihood that we may have printed both the weekly and monthly cycle low for gold last week. If that is the case then we may at the very least test the old highs of the gold price
Here is the weekly gold chart in usd
The price of gold in aud is even more positive. The question is when will investors start to recognise it?
Here is the weekly chart og gold price in aud
And lastly the aust gold stock chart
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