BCMel

Aussie PM stocks consolidating, ready for move up?

ASX:XGD   S&P/ASX ALL ORDS GOLD
Australian precious metals stocks appear to have double-bottomed on top of their previous slow uptrend channel .
A further pullback in the gold price to the USD$1450 area (38.2%) will probably lead to the XGD retesting its current lows, but given the bearish look of the S&P500 , this scenario is unlikely to last long.
Comment: Support has broken down into the longer-term uptrend channel with gold's monthly 38.2%retracement still unfilled.

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