Redback's Australian Stock Market Report: Gold ETF as at 19/10/2010

Tuesday, October 19, 2010

Gold ETF as at 19/10/2010

The Gold ETF on the ASX is, like the XAO, in a holding pattern. The ADX is showing a non-trending market.

The chart and the 150-Day SMA are in a slight incline upward - but not enough to be convincing that this is a tradable trend. The ADX is below 15 - a non-trending market.

Let's wait and see.

Patience is the greatest virtue in trading. Wait and wait and wait. When the sideways shuffle finishes - and that could take a while - that will be the time to act. But until that ends - we shall wait and wait and wait.

Cheers

Red

No comments:

Post a Comment

About this blog

Emphasis in this report is given to inter-market analysis (bonds, gold, international stock markets, currencies), market sector analysis and breadth analysis. Mention will also be made of simple Technical Analysis tools. The main indicators used are the MACD (Moving Average Convergence Divergence), RSI (Relative Strength Index), Slow Stochastic, trend lines and On Balance Volume.

To make matters clear. I am not a licensed financial advisor. Any statement that I make should be read as the personal opinion of a simple chartist trying to make sense of a chaotic environment.