Haven't put these up for a while. My macro charts.
One thing that does seem to happen is AUD moves will have a number of these resistance levels occurring simultaneously.
I particularly expect this when major levels of resistance kick in in the near future.
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The Aussie ETF GOLD chart.
This is the shortest term chart and shows first resistance beginning at $233.41. This equates to a $110 rise in A$POG to around $2,500. Conditional on price rising without a 3% reversal which I AM NOT expecting to happen. Another 5% up from here.
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More important is the next chart which has a trend that has been in place since 2015.
Lovely bounce and was never really in question. Shows just how serious market makers were in trying to scoop up everything at the lowest possible price.
Resistance here is at around A$2,620 and it is at either or both of these resistance levels I expect sentiment to pull back (stocks sold off) and challenge the rising trend in sentiment. A potential buying opportunity.
I expect a significant reversal after hitting $2.620, possibly back to the 200 dma so be aware this could happen. There could be talk of doom and gloom and despair sets in with goldies dumped.
If I forget to put the macros up at this time, please remind me.
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My next trick is the GDX.
Short term chart shows the pullback prior to the breakout. Blue sky here.
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The longer term chart for the GDX shows resistance beginning above $52, about 6% higher. I think it will hit >$54.70 before the reversal which is around 10% higher.
This is more relevant to the USD therefore I suspect the AUD is going to fall against the USD but who knows. Funny how these things work out.
You can work out how long this trend has been in place. When was it last below $19?
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And finally the XGD.
This rose around 5% yesterday but only 2% today...
Wonder why? We have hit resistance but I expect this to be taken out within a week or so
Sentiment is still really low and once we see the 200 dma safely in the rear view mirror (probably Friday/Monday) then resistance is futile.
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Once again we have another level of resistance to crack before the really big moves in the sector.
Seeing these levels of resistance should help you understand why sectors that have had a decent down cycle take time to re-establish and attract money. When these charts are blue sky that is when the real fun begins. In the meantime it is a bit of a slog.
Here is a longer term chart for the XGD which shows resistance beginning around 7,920. This trend has also been in place since 2015 and even the market crash last year could not break it. Keep that in mind if there is a future market upheaval.
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If you understand how these charts work you can print them and mark them up yourself.
Nothing moves very quickly on these charts. You can tell by the scale up the left side.
Plenty to look forward to including volatility. Plenty of numbers quoted above so do not be surprised when things appear to happen.
Do not get caught up in the BS on MSM as it will be normal market behaviour, regardless of the reasons.
Or some of the misinformation that appears on this thread.
