@mirren
3 parts to follow ...1.gold and our XGD index ...2. AZY ... 3.MOY
I found this very long term quarterly gold chart recently and it's an interesting take. Averages are 6Q and 10Q and the chartist made the point that the 2 MA's call gold's long term trend changes perfectly ... and the MAs have turned up to rally mode more than 3 quarters ago.
Below the Au quarterly, I've posted our monthly XGD index. It's completing a major wave 4 right now and once clear of the red dashed horizontal at 4810, W5 will be on the way to the 7210 Fib target. Yes, it comprises our major gold producers such as NCM, EVN et al so it is not truly representative of our gold sector . And NCM has a distorting chunk of influence within the index. Non-producers follow later if circumstances support. Note the downtrend line within the W4 consolidation that has been breached recently.
2. AZY weekly chart - is it a cup n handle or a rounded bottom? Either way, these patterns tell us the lows are in. After the 2.9c cup lip is taken out, depth of cup added to lip gives next target. 2.9+1.4=4.3c
Using a Fibo 2.618 times the handle depth gives a 4.2c target provided background circumstances are favourable.
3. MOY 5-day hourly chart off ComSec site - any VSA interpretations?
Friday's daily candle "hammers" out the low but confirmation is required in the next session or two.
Monday in US is Labor Day so I expect our goldies will be quietly traded until mid-week.
Currencies can make or break a business. We only need to ask our farmers about that.
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