Australian precious metals stocks appear to have double-bottomed on top of their previous slow uptrend channel.
A further pullback in the gold price to the USD$1450 area (38.2%) will probably lead to the XGD retesting its current lows, but given the bearish look of the S&P500, this scenario is unlikely to last long.
A further pullback in the gold price to the USD$1450 area (38.2%) will probably lead to the XGD retesting its current lows, but given the bearish look of the S&P500, this scenario is unlikely to last long.
Note
Support has broken down into the longer-term uptrend channel with gold's monthly 38.2%retracement still unfilled.
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The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.