Aussie Gold Holds Up UP, Okay. Not For Long Baby! Please, below.
As the saying goes in Australia, 'the bigger they are - the harder they fall'.
Aussie Gold-hat-wearers & officials, might like to think their 'dinki-di-oze-gold' is an exception to panic heavy short-selling. Did I just say panic?
Well, the plan is to take Aussie Gold & it's hanging M_TOP on the weekly chart right down to the neckline for some serious scratching & hold onto your hat once it breaches the itchy neckline.
I don't think the VIX index, the Gold-god's or the market-makers' are going to let us bid up the Gold-price much at all in the lead-up to Thursday the 19th, less than 2 weeks away now. That is why I wouldn't be surprised to see the Gold-price explode upwards 20% or 30% on the big day for Jerome H. Powell FED Chair Boss, that is if they keep a lid on the Gold-price from rising in the meantime.
So, in the meantime, I am gonna Short the Cripes out of XAUAUD because I'm a loyal & patriotic Aussie who's only trying to make a buck or 2 from the markets.
Seriously, but I was serious, I see the USDX coming out of hibernation next week. I will post a couple of charts below & you will see where I am coming from. Please, in the interests of the trading sport, see also my methodology below.
Cop ya later,
Chris
* First below is the Weekly-Chart: XAUUSD
