We are breaking through the first MAJOR downtrend channels, while at the same time closing above the 50dma, breaking through some minor formations on the weekly chart, a bullish engulfing signal and a first higher low...... this is all working in the same direction. It took my teacher to show me the bullish engulfing pattern but i noticed the first major downtrend break yesterday. Remember stocks are not the same as gold.... to complicate the matter I see the POTENTIAL (note that word) for a big pullback in the XAO (All Ords) especially the Financial sector. And to those who dont know - the ASX now has a Volitility index for the futures market or a 'vix' (asx ticker: XVI)
Scary rollover in gold USD is apparently bullish against the currency basket, so that usually means gold lower, but dont know how much or if that will turn out.