As you know, I have a deal of respect for the Gold ETF (Gold in Ozzie Dollars) as a hedge against the Australian market.
Currently the Gold ETF is at a critical level. A major marker for trading the Gold ETF on a medium/long-term basis is the 13/65 Day Crossover.
The Gold ETF has been in a consolidation zone (see chart above). Yesterday it marginally dropped below that zone but today clawed back into it.
A break above the down-trend line from June, and a concurrent positive break by the 13DSMA above the 65DSMA, would be positive for the Gold ETF and a negative for the Australian stock market.
Remember, a play on the Gold ETF is as much a play on exchange rates as it is a play on the Gold price (however you want to denominate it).
Please - do your own research. Get professional advice - and ignore everything I have to say.
I just sniff flowers in the mid-day sun.
Cheers
Red
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