There is a buying opportunity in the commodity where we expect the gold to move higher to its previous high in front of the Australian dollar. There is a falling channel breakout in the pair, as per the channel breakout we can expect the target to be 2470.

The Pair is trading just above the 50 day ema which is indicating another strong confirmation, and one more day confirmation can be a great signal for buying.

The RSI has just traded above its previous trading high suggesting a new trend.

The MACD crossover is also suggesting a positive move.
The DMI+ has crossed DMI- suggesting uptrend once the ADX crosses above 20 we can get another confirmation.

XAU/AUD

Nov 05 2021