The Gold ETF is at the top of its trading range. Today's action was a small doji inside the range of the previous day. This denotes indecision by the trading community.Tomorrow's action could be crucial for near term direction.
The Gold/XAO Ratio chart shows the chart breaking above the down trend line. A break above the 55-Day Moving Average and a move up by the stock chart would suggest further upward movement.
That would be negative for the broad Australian market which tends to move inversely to the Gold ETF.
This is still in a sideways trend - but could change in the next couple of days.
Cheers
Red
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