Gold in Oz Dollars tends to trend inversely to the general Australian stock market, and can be used as a hedge against falls in the general market.The Gold ETF traded on the Australian Stock Market tracks the price of Gold in Oz Dollars. It remains above the 13-Day Moving Average. It hasn't made a new high in the past three days, the last one being last Thursday.
The Stochastic has dropped below the overbought level of 80, suggesting that the next move would be down rather than up.
That's a good sign for the general market - but I wouldn't be betting on it.
Until a break occurs below the 13-Day Moving Average and the 136.25 support level (dashed line), the trend remains up.
Good luck
Red
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