Dona Ferentes
A little bit OC⚡DC
- Joined
- 11 January 2016
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from Market Index ... not even sure it's relevant to this ETF
Still, it hasn't done a great deal of damage to the prevailing short term trend, and the long term trend ribbon (albeit very flat) is still indicating an uptrend.
These two areas are now the key points of dynamic demand going forward. As long as the XGD continues to close above the uptrend ribbons short and long term uptrends are intact.
Supply is clearly at 7013. It would take a close above this point to reaffirm the short and long term uptrends, and potentially set the XGD up for a move to historical supply at 7571. A close below the uptrend ribbons would likely see historical demand at 6106 come into play
ChartWatch
S&P/ASX All Ordinaries Gold Sub-Index (XGD)
Coining a new candle pattern: The Zebra!
Check out the Zebra pattern on the XGD over the last 2 weeks! It suggests considerable indecision within the demand-supply environment, and is hardly a glowing endorsement for ASX gold stocks.Still, it hasn't done a great deal of damage to the prevailing short term trend, and the long term trend ribbon (albeit very flat) is still indicating an uptrend.
These two areas are now the key points of dynamic demand going forward. As long as the XGD continues to close above the uptrend ribbons short and long term uptrends are intact.
Supply is clearly at 7013. It would take a close above this point to reaffirm the short and long term uptrends, and potentially set the XGD up for a move to historical supply at 7571. A close below the uptrend ribbons would likely see historical demand at 6106 come into play