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XGD chart update below: [IMG] On my last chart (July 2018), XGD...

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sreeve

693 Posts.

359

17/02/19

16:34

Post #: 37463403
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Originally posted by sreeve ↑

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).

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XGD chart update below:

On my last chart (July 2018), XGD was on three key Support lines. Another test of 4565 was looking likely and this is what played out. XGD now in a strong Stage 2 bull run and back at a 5.5 year high (hitting above 6000 level last week).

Reminder that mid-Feb (from Chinese NY) to August is usually a bad period for XGD stocks.

Last edited by sreeve: 17/02/19

XGD Value at posting: 5,969.6
1 Upvote

0 Great analysis

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