ASX All Ordinaries Gold
Jack Davis | Jan 10, 2017 11:19
Originally published by Chamber of Merchants
The ASX All Ordinaries Gold may be up, but unless it breaks higher than the level drawn in the chart, we could be forming a double top. A double top usually indicates a reversal (also could indicate profit taking taking).
In the event that this is a double top, we could be presented with a short term correction in the Australian gold miners.
(Of course, if the US dollar tanks or if we have war or if there’s some disaster, gold could always ignore all technicals and skyrocket. In the absence of that, I refer to charts.)
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