Gold ETF as at 23/11/2010

The Gold ETF bounced nicely off the 50-Day SMA today and now looks likely to head to the top of the current trading range - about 136.

The RSI crossed back above the 50 line and the Slow Stochastic nudged nicely higher.

While all that is good for Gold in Ozzie Dollars, it's not so good for the broad market. The Gold ETF tends to trade inversely to the broad market (XAO).

So - it's swings and roundabouts time. If you're not making money on the swings, hop on the the roundabout (the gold one).

Cheers

Red