Falling Aussie Dollar boosts Gold stocks

The Aussie Dollar is tanking, falling from a September high of 81 US cents to below 76 US cents. Test of support at 73.50 is likely.

Australian Dollar AUDUSD

The All Ords Gold Index ($XGD) responded to the weakening Aussie Dollar, despite a lackluster performance from gold. Breakout above 5000 would signal a new primary advance, offering a target of 5650*.

All Ords Gold Index ($XGD)

* Target calculation: 5000 + ( 5000 – 4350 ) = 5650

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