Updated XGD chart. Previous chart (above), I thought XGD may run towards 5550 Resistance, following its breakout above the key 4900 level. It ended up going sideways for a few more months before moving up in a channel, hitting a high of 5386 a couple of weeks ago. It then broke down and now its important 4900 & 200SMA hold as Support.
Also, the XGD seasonality chart (below) is a real eye-opener and supports something I've known for a while. ASX Gold stocks are usually good buys in November or December (eg. many bottomed by mid-Dec last year), however March through to end July are usually terrible. One explanation, by the time Chinese NY comes around (early-mid Feb), its time to get out of gold stocks for several months (this yr was an exception for the leading gold stocks).
XGD Chart, page-12
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Last
9,280.1 |
Change
-71.200(0.76%) |
Mkt cap ! n/a | |||
| Open | High | Low |
| 9,351.3 | 9,470.8 | 9,213.2 |
| XGD (ASX) Chart |