XGD looks to be completing the last leg of the correction commenced in April 2011, to test the long term uptrend line of 2001. I like this indice. The entry/exit points are very clear, and it cuts out the exogenous white noise cartel manipulation. The 4400-4500 area will be interesting for the Oz miners should it bounce off. Heads up. Would post a chart but my software flat out refuses to play ball.
XGD up 3.3% this morning in early trade. There is speculation COMEX moves up overnight in gold and silver were a function of short squeeze and options expiry tomorrow (US time); this may be the reason for the XGD upmove, or it may be due to continuing global jitters pre-Olympics and post-Spain bad news. Worth keeping an eye on your favourite gold stocks over the next few days.
