The Ratio Chart GoldETF/XAO remains above "last gasp" support. The Gold ETF (Gold measured in Ozzie Dollars not US Dollars) has a high inverse relationship to the general Australian Stock Market (XAO).
As such it provides confirmation one way or another of the direction of the general market.
The GoldETF:XAO Ratio is close to breaking down below support. If it does - that will be bullish for the Australian stock market and bearish for the GoldETF.
Today, both were in sync. The XAO was up +0.6%. The GoldETF was also up +0.3%. On a relative basis the XAO did better than the GoldETF. But the fact that both finished up is a non-confirmation. If one is up, I expect the other to be down. Which one is "right"? That's yet to be seen.
Good luck
Red
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