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...
Published at 9.30pm Monday AEST, this chart offers a pretty safe call to go short to 1324 or 1315 levels at 38.2 and 50% Fib retracement levels respectively.
The Comex knock-down is one of the most easily predicted market phenomena, as it has been happening so frequently for so many years.
But who wouldn't sell with a top-of-the-channel set-up like this. RSI and...
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...
Support levels for gold are currently being quoted at Tuesday's low of $1,269.00 and then at $1,267.30. Bearish sentiment is weighing on the market, although that could change with any bearish Wall St sentiment around the US-China trade negotiations.
The Trump administration, despite the noise and threats, does not want a war with Iran. In fact Trump is seeking to...
Spot gold held it's longer term uptrend channel starting from the August 13, 2018 low of 1160.37. In the same period the Friday low also held the 38.2% Fibonacci retracement level of 1275.43. The chances of spot holding this line look very slim, especially with the inverted hammer candle on this weekly chart.
Weekly and daily MACD are also negative. Weekly RSI...
The front running gold futures contract has broken the 50 DMA and a shorter-term uptrend channel going back to gold's August 13 low. The 1350-54 zone appears as a reasonable target sitting at the top of a long-term (three-year) wedge pattern on the weekly chart.
US dollar index has broken a fast uptrend channel within a wider ascending wedge formation but it has yet to test and break the 50-day moving average.
Stock weakness may help hold the dollar high, but underlying US bond worries over inverted yield curves may do the opposite.
There is also a strong divergence signal of descending MACD peaks against the DXY uptrend.
The next few days could be pivotal in gold's possible retesting of lows in the 1160 zone. MACD has turned bearish and gold has still failed to break out of the multi-month downtrend channel. If we break the previous low in the flag formation, it will be the return of the bears.