Weekend April 30, 2017
Here is a long term chart of the XAU, the bottom was October November 2000.
The last sell signal occurred in 2012. But now the two EMAs are coming together again. The XAU is trading in the vicinity of the 2008 low.
Let's take a closer look.
Weekly XAU
Gold and silver mining shares are quite volatile, which is why money is to be made buying at the lows.
a 641% re tracement from the 16 year low would occur around 68. And of course it could easily go lower. I suspect we will see a good entry point later this summer.
XAU Daily
XAU has posted a third lower high since the August high. Best guess here is a secondary higher low above the January 2016 low around 40.let's watch the
77.50 and 72 levels, if they go our trading low should occur by early summer.
Central Fund is trading at a negative 7.8% to net asset value. Expect it to move to negative ten percent for a low.
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