From http://www.mineweb.com/mineweb/view/mineweb/en/page34?oid=129930&sn=Detail Gold denominated in Australian dollars has been home on the range for a year, but the yellow metal is about to come out from down under and break to new all-time highs. Gold is beginning the fourth leg of what will be a five-stage move that will take it from current levels of around A$1,461.86 an ounce toward A$1,950 . This pattern usually evolves in five legs. Gold is currently in the fourth, or D, leg of this pattern against the Aussie which denotes the current sluggish rise in gold to fail at around A$1,510, near the upper limit of the triangle. This will be followed by a final E leg that will likely bounce from around A$1,370. These readings will of course change as we move to the apex of the triangle. After the completion of this E leg in the middle of August to early September, gold should break out of the triangle to the upside in a powerful move. The breakouts from triangle patterns usually are as big as the widest part of the triangle. So assuming gold breaks above the upper band of the triangle around A$1,500, then it should target a move to A$1,950.
Yea i believe the end of QE2 will cause the USDX to rise which will see gold at new highs priced in AUD.
