The Gold ETF is still within the confines of the multi-month sideways consolidation. The chart is now sitting just below the upper boundary of the consolidation channel.
The Gold ETF has, over a two year period, a negative correlation with the All Ordinaries Index (XAO) of -0.9. That's close to a perfect inverse correlation; i.e., if the All Ords goes down, the Gold ETF goes up.
If the Gold ETF goes through that horizontal resistance level - expect further bullish upward movement. And that would be a negative for the Australian market.
Currency rates are now crucial. The Gold ETF is likely to go higher if the Ozzie Dollar goes lower - and the Australian market will go with it.
Any how - that's just how I see it.
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