Gold is fulfilling its role as a reverse image of the XAO. While the XAO today hit a new 20-day high - Gold hit right on the 20-day low line. The Slow Stochastic for Gold is right down on Zero - its lowest level since July. A bounce looks highly probable.
Meanwhile, the MACD for Gold remains above the Zero line - the demarcation between bull and bear.
So, if Gold can reverse to the upside here, the bullish scenario remains alive - and that's a negative for the Australian stock market.
Cheers
Red
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