i think its just the XGD doing a backtest of the pennant formation it broke out of.. gold also consoldating its recent run.. maybe a 50% retrace to US 2208 at a guess.. possibly as low as 2150 if it goes for 61.8%.. the former area is more likely in early stage bull market
regardless, Aussie gold miners to XAUAUD is massively cheap, when the aussie dollar / USD breaks its 13 year downtrend we will have capital flows rerating our market significantly
we will be back at all time highs in 2 or 3 months setting the stage for the next run higher IMO
its possible the short positions are taking advantage of the pullback to push the price lower to close posoitions slightly exaaggerating our pullback
Ann: Quarterly Activities Report, page-73
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