yesterday as i stated the momentum for the downside was very strong that it couldnt allow a minor correction and it fell right awaye from the point that i pointed on the yesterdays chart , the gold touched under 1090 and rebounded back but still i wont call this a bottom for a proper rebound , actually i m very bearish regarding the Gold in the mid and short term , i see it very likely to break the 1090 level and if that happens it ll be a firm resistance which will cap any rebound high in the futur and it ll open the gate for 1070 level .
yesterday the s&p 500 closed positive with a new high in place , the market was confussed at some point where the gold was falling while the equities was ralling , but i think the next 2 days will be very importante to decide the direction for the s&p 500 as it sits now near the year highs and a breach to this level could bring a short term rebound in Risk Currencies , will be watchin it very closely the next couple of days but considering as well the gold actions cause they proved yesterday that they could be moving in different directions on the short term.
as i m showing in the chart i expect further decline in the Aud , i would say that the 8600 level will be the key for rebound , and the 85 level is strong support as well , i recommend shorting on any rallies down to this levels , i would say in normal conditions ( not a holiday season ) we could have seen deeper rebounds to present better shorting positions but it would be wise to anticipate the fact that there is not enought liquidity to present a perfect shorting position and it ll be wise to short from the first possible resistance level till jan.
if a rebound breaks up to the 89 level it ll weaken the bearish scenario but not iliminate it , till 8950 ,, within the current market conditions i see it very unlikely to happen before a more deeper sink