The Gold ETF (Gold in Ozzie Dollars) remains in a sideways trend - where it's been for many weeks.These sideways trends usually resolve in explosive movements. Which way. Nobody knows. But - as it begins to happen, the future direction becomes clear.
The RBA decision to raise interest rates had an immediate effect on the exchange rate and the Gold ETF price. AUD/US$ and the Gold ETF are inversely correlated. If the exchange rate goes up, the Gold ETF tends to go down.
That has not, however, changed the structure of the current Gold ETF trend. It remains within the bounds of its sideways shuffle.
Patience in these situations is trying, but the only course open. Eventually we'll see a dramatic move. Watch and wait.
Cheers
Red
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