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Australian gold etF

 

This is a look at a weekly chart of the Australian Gold EFT which more or less tracks the gold price in Australian dollars. The bottom section is the volume of trade. The section above that is the price chart . The next section is an On Balance Volume indicator which tells us whether more units are being bought or sold on the way up or on the way down. If this trend is up this is bullish and indicates the volume on the up days exceeds the volume on the down days. This is usually more a function of how many up days there are relative to down days with the trend merely tracking the price chart itself. It can however provide some useful divergence patterns from time to time. The top section is a look at the spot price relative to the 40 week moving average. We can see that when the spot dips to 95% of the 40 week moving average this has provided us with some useful buying opportunities (buy on the dip). We are presently in another one of these corrective phases.

 
   
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