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.
Long undervalued Aussie gold stocks seem reluctant to partake in any sharp pullback from their latest bull run.
As of 6/27/19 the XGD S&P index have not even performed a 23.6% retracement. Leading precious metal stocks were holding values on Thursday, with spurts to the upside.
North American stocks on the XAU, HUI and TSX all finished negative, but percentages...
Aussie gold stocks have moved with the latest spike in gold. But the RSI and MACD indicators are screaming overbought already, just three days in to what seems to be a revived bull run in the precious metal!
A pullback in the overnight (Australian time) Comex gold futures will do the trick.
What is impressive about this take-off in gold is that it does not appear...