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Gold & AUDCAD Outlook

The Gold chart has created a trend line that price is now currently testing as resistance. The level of the test is 1210.50 and a break above this area places bulls in control. The initial resistance overhead comes in at 1215.10 followed by the 1220.00 area. The 1227.90 is associated with an early touch on the trend line that created a lower high and a move beyond this point brings the 1235.00 area of resistance into focus. A close above this point can result in a squeeze higher towards 1250.00.

Support is continuing to accumulate below the current price level. The 1200.00 area contains a cluster of moving averages and price has rotated around this area recently. Below this level the rising support trend line at 1190.00 is supported by the higher low at 1187.85. An earlier higher low is found at 1183.50 with the 1172.00 area acting as support below. The low from August forms the bottom of recent price action at 1160.00.

 

 AUDCAD pair is positioned below its trend line resistance this morning at 0.9413. The trend line is at 0.9420 and a break higher above this level may lead to a squeeze up to 0.9435 followed by the 200 period MA at 0.9470. The 0.9500 level has proved to be light of late but the recent false break above the trend line reached the 0.9517 area before selling off again and this level pay prove significant going forward. A close above this area may target the 0.9600 area and the high at 0.9613.

Support comes in at the 0.9400 level which is very close to the current price. The 100 period MA is located at 0.9385 followed by support at 0.9373. The 50 period MA is found at 0.9358 and a loss of this indicator could signal intent to drive price lower. Targets and areas of support can be seen at 0.9318 and the low at 0.9271 followed by the 0.9200 level.

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