Gold Bugs Hope Aussie Dollar Finds Support Soon!

Chris Kimble

The Australian Dollar has been in a prolonged slump since 2011, when it topped along side precious metals Gold and Silver.

We mention that because the Aussie Dollar (AU$) has been known to trade with in sync with precious metals (acting as a solid market “tell” for investors).

In today’s chart, you can see that the Aussie Dollar is testing a confluence of support that looks to be quite important.

This support area is made up of a rising trend line, lateral price lows, and a falling bullish wedge pattern.

Aussie Dollar bulls, along with precious metals bulls (and commodities in general) hope that the AU$ finds support here and begins to rally.

What it does next could highly impact Gold, Silver and Commodities. Stay tuned!

Australian Dollar “Weekly” Chart

australian dollar bullish falling wedge pattern support investing news may 22

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