Aussie Gold Holds Up UP, Okay. Not For Long Baby! Please, below.

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https://www.tradingview.com/x/NiX2HPqd/

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

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Short XAUAUD: Signal from lower time-frame. See chart.

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Please, if you see XAUUSD change to XAUAUD.
All charts are XAUAUD.
* Tradingview does allow editing after a certain timeframe is completed.

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The Potential Impact To Long Gold: A Rallying USD Next Week:
- See a 1hr & Daily chart below of the USDX
- Left of screen 1hr USDX Chart - notice the small but bullish w/bottom that turned around the USDX from around 23-28 August.
- Also still left of screen note the 1hr much larger bullish pattern that has emerged, which could easily give the USDX some traction to move higher next week. 1.03 would be next stop.
- Finally, right of screen is also the USDX & it can be see another bullish W/bottom is getting written by price at the moment. Call it the king-pin pattern. This Daily one won't break out for another several days to week imo until the right side of W is formed up properly with Daily candles.
- However, its' the 1hr bullish pattern, a W/bottom of sorts, that could easily break out during the next trading day or 2.
* Trading is not always that logical. Let's wait to see how it plays out.
* The 2 charts of USDX are below.

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Guys, I think I was a little exuberant when I said yesterday that I would 'short the cripes' out of Aussie-Gold XAU/AUD.
Here is the thing. Aussie Gold has been holding up relative to USA Gold because the Aussie Dollar has been in free-fall lately. But the news improves, I see the Aussie currency turning around very very strongly against the USD soon. No, not yet.
So, when I see 'my ducks lineup' on this trading setup. I will move to shorting XAUAUD. So I want to see the Australian currency turnaround & rally out of its oversold condition, before I commence this short on Aussie gold.

I see this occurring prior to the FOMC meeting on the 19th September to determine interest rates in the USA. So when this trade setup executes I will be LONG AUD/USD & SHORT XAU/USD. But on Monday I see further weakness in the Aussie currency & we have a trade setup Short AUD / USD.

So reiterating, I would not be Shorting Aussie Gold just yet. When the Australian currency turns around soon, I see it commencing one of its biggest ever rally's against the green-back.