well that was a roller coaster on the DXY... it broke down, backtested, and was just about to confirm the breakdown by setting a new low (double bottom marked with the red line) and low and behold it shot up back into the channel as if someone shouted free beer, free beer.
looks to me like we are back into GFC mode (DXY and gold rising together) - until the DXY tops and gold keeps going of course
DXY
however in this DXY bounce; gold has pretty much held its ground and especially today gold is up while DXY is up. it smells like we have found our consolidation low for gold
XAUUSD
XGD has done a second backtest of the penant breakout, so also looking a good contender as a turning point
XGD
AUD/USD
there is a strong correlation for gold to miner ratio and currency trend
we have been in downtrend since 2011... 13 years in a downtrenmd channel
correlation of currency versus miner to gold ratio... we are setting higher lows on the ratio but neither the currency nor the ratio have broken downtrend yet... mean we have shiploads of upside ahead of us.. (also not the australian data is pretty short.. if you look at the US equivelent over a 50 year period.. the ratio upper end was almost double what is shown in this period
well that was a roller coaster on the DXY... it broke down,...
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Last
$1.81 |
Change
-0.050(2.70%) |
Mkt cap ! $2.125B | |||
| Open | High | Low | Value | Volume |
| $1.93 | $1.93 | $1.81 | $131.4M | 72.55M |
Buyers (Bids)
| No. | Vol. | Price($) |
|---|---|---|
| 1 | 1300 | $1.80 |
Sellers (Offers)
| Price($) | Vol. | No. |
|---|---|---|
| $1.82 | 6188 | 1 |
View Market Depth
| Last trade - 16.10pm 21/06/2024 (20 minute delay) ? |
| BGL (ASX) Chart |