The Gold ETF is in a short term sideways consolidation within the longer term trading range (approx. 130-136). The past four days the stock has been closing just above the 50-Day Average.Short term support and resistance are approx. 132.9/134.
The current consolidation looks like a bear flag so the probabilities lie to the downside; but this could go either way.
Monday overnight in America, gold priced in Ozzie Dollars was up +0.64%. So the stock will probably open up from Monday's close. But, as we've seen in the past, that can be quickly eroded away as the day wears on.
Cheers
Red
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