Regarding whatever 'chit chat' FA in this forum, about the only performer for me is the gold sector. Last month US market sell off had me also clearing out good stocks in other defensive sectors and came round to the fact in heightened fear/volatility, gold is still the dependable defensive play.
From the location of price on the chart, there really isn't much to look at since it is in the middle of nowhere.
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The problem with RSI as a timing tool, it isn't very useful besides painting the conclusion. Even when the gold rallied in January it was indicating a lost of momentum with the double top of recent the only clue confirming. 2 great bullish reversal 'hammers' were the only opportunities to play a swing trade with the second 1.3.2018 only managing half way up the range. The RSI peaks are confirming the momentum dissipating so I flipped the weekly levels to derived the next potential support.
Some recent commentary suggest that the next FOMC meeting on rate hike is a given wit the current status speculating if there are more to come this year.
Looking at the sector, AUDUSD is looking like a twin of gold chart which could explain why the tier 1 camp of bullish gold stocks keeps powering forward. I believe this has been debated to death with
@Skol when referring the condition of gold. All that is important to me is if the market value local gold stocks based on USD or AUD and if you are analysing operational performance of local goldies, I think it is a no brainer revenues are healthy and margin is fat even in the USD condition of where POG is sitting.
Yeah, no much discussion lately, not even from Conspiracists....
