Aussie PM stocks consolidating, ready for move up?
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.
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.