{"id":17012,"date":"2018-09-07T23:18:31","date_gmt":"2018-09-07T23:18:31","guid":{"rendered":"http:\/\/thepatientinvestor.com\/?p=17012"},"modified":"2018-09-07T23:18:31","modified_gmt":"2018-09-07T23:18:31","slug":"gold-stocks-face-selling-pressure-despite-plunging-aussie-dollar","status":"publish","type":"post","link":"https:\/\/thepatientinvestor.com\/index.php\/2018\/09\/07\/gold-stocks-face-selling-pressure-despite-plunging-aussie-dollar\/","title":{"rendered":"Gold stocks face selling pressure despite plunging Aussie Dollar"},"content":{"rendered":"<p>The Yuan continues to test support at 14.5 US cents.<\/p>\n<p><img data-recalc-dims=\"1\" decoding=\"async\" class=\"aligncenter\" src=\"https:\/\/i0.wp.com\/www.incrediblecharts.com\/images\/2018\/2018-09-07-cny.png?w=525&#038;ssl=1\" alt=\"CNY\/USD\" \/><\/p>\n<p>The Dollar Index recovered above support at 95. Respect of support would confirm another advance, with a long-term target of 103, but bearish divergence on the Trend Index still warns of selling pressure.<\/p>\n<p><img data-recalc-dims=\"1\" decoding=\"async\" class=\"aligncenter\" src=\"https:\/\/i0.wp.com\/www.incrediblecharts.com\/images\/2018\/2018-09-07-dxy.png?w=525&#038;ssl=1\" alt=\"Dollar Index\" \/><\/p>\n<p>Gold is testing resistance at $1200\/ounce but Trend Index peaks below zero warn of strong selling pressure. Respect of the descending trendline would indicate another decline with a long-term target of the 2015 low at $1050\/ounce.<\/p>\n<p><img data-recalc-dims=\"1\" decoding=\"async\" class=\"aligncenter\" src=\"https:\/\/i0.wp.com\/www.incrediblecharts.com\/images\/2018\/2018-09-07-gold.png?w=525&#038;ssl=1\" alt=\"Spot Gold in USD\" \/><\/p>\n<p>The Australian Dollar is plunging, having broken short-term support at 72 US cents. Trend Index peaks below zero indicate strong selling pressure. Expect a test of the 2015\/2016 low at 70 US cents.<\/p>\n<p><img data-recalc-dims=\"1\" decoding=\"async\" class=\"aligncenter\" src=\"https:\/\/i0.wp.com\/www.incrediblecharts.com\/images\/2018\/2018-09-07-aud.png?w=525&#038;ssl=1\" alt=\"Australian Dollar\/USD\" \/><\/p>\n<p>The falling Aussie Dollar may cushion local gold stocks, to some extent, from weaker gold prices but the All Ordinaries Gold Index (XGD) continues its downward path. Tall shadows on the last three candles flag selling pressure. Breach of short-term support at 4550 is likely and would offer a long-term target of 4000\/4100.<\/p>\n<p><img data-recalc-dims=\"1\" decoding=\"async\" class=\"aligncenter\" src=\"https:\/\/i0.wp.com\/www.incrediblecharts.com\/images\/2018\/2018-09-07-xgd.png?w=525&#038;ssl=1\" alt=\"All Ordinaries Gold Index\" \/><\/p>\n","protected":false},"excerpt":{"rendered":"<p>The Yuan continues to test support at 14.5 US cents. The Dollar Index recovered above support at 95. Respect of support would confirm another advance, with a long-term target of 103, but bearish divergence on the Trend Index still warns of selling pressure. Gold is testing resistance at $1200\/ounce but Trend Index peaks below zero &hellip; <\/p>\n<p class=\"link-more\"><a href=\"https:\/\/thepatientinvestor.com\/index.php\/2018\/09\/07\/gold-stocks-face-selling-pressure-despite-plunging-aussie-dollar\/\" class=\"more-link\">Continue reading<span class=\"screen-reader-text\"> &#8220;Gold stocks face selling pressure despite plunging Aussie Dollar&#8221;<\/span><\/a><\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_mo_disable_npp":"","_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[39,40,42,9,57,35],"tags":[166,292,678,1073,3204],"class_list":["post-17012","post","type-post","status-publish","format-standard","hentry","category-aussie-dollar","category-australia-nz-countries-regions","category-chinese-yuan","category-gold-precious-metals","category-stock-markets","category-us-dollar-index","tag-all-ordinaries-gold-index","tag-australian-dollar","tag-chinese-yuan","tag-dollar-index","tag-spot-gold"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v27.4 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\n<title>Gold stocks face selling pressure despite plunging Aussie Dollar - the patient investor<\/title>\n<meta name=\"robots\" content=\"noindex, follow\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Gold stocks face selling pressure despite plunging Aussie Dollar - the patient investor\" \/>\n<meta property=\"og:description\" content=\"The Yuan continues to test support at 14.5 US cents. The Dollar Index recovered above support at 95. Respect of support would confirm another advance, with a long-term target of 103, but bearish divergence on the Trend Index still warns of selling pressure. Gold is testing resistance at $1200\/ounce but Trend Index peaks below zero &hellip; Continue reading &quot;Gold stocks face selling pressure despite plunging Aussie Dollar&quot;\" \/>\n<meta property=\"og:url\" content=\"https:\/\/thepatientinvestor.com\/index.php\/2018\/09\/07\/gold-stocks-face-selling-pressure-despite-plunging-aussie-dollar\/\" \/>\n<meta property=\"og:site_name\" content=\"the patient investor\" \/>\n<meta property=\"article:publisher\" content=\"https:\/\/www.facebook.com\/profile.php?id=61572934660810\" \/>\n<meta property=\"article:author\" content=\"https:\/\/facebook.com\/people\/The-Patient-Investor\/61572934660810\/\" \/>\n<meta property=\"article:published_time\" content=\"2018-09-07T23:18:31+00:00\" \/>\n<meta property=\"og:image\" content=\"http:\/\/static.incrediblecharts.com\/images\/2018\/2018-09-07-cny.png\" \/>\n<meta name=\"author\" content=\"Colin Twiggs\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"Colin Twiggs\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"1 minute\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\\\/\\\/schema.org\",\"@graph\":[{\"@type\":\"Article\",\"@id\":\"https:\\\/\\\/thepatientinvestor.com\\\/index.php\\\/2018\\\/09\\\/07\\\/gold-stocks-face-selling-pressure-despite-plunging-aussie-dollar\\\/#article\",\"isPartOf\":{\"@id\":\"https:\\\/\\\/thepatientinvestor.com\\\/index.php\\\/2018\\\/09\\\/07\\\/gold-stocks-face-selling-pressure-despite-plunging-aussie-dollar\\\/\"},\"author\":{\"name\":\"Colin Twiggs\",\"@id\":\"https:\\\/\\\/thepatientinvestor.com\\\/#\\\/schema\\\/person\\\/d42b18d516a80149d739845749ac6454\"},\"headline\":\"Gold stocks face selling pressure despite plunging Aussie Dollar\",\"datePublished\":\"2018-09-07T23:18:31+00:00\",\"mainEntityOfPage\":{\"@id\":\"https:\\\/\\\/thepatientinvestor.com\\\/index.php\\\/2018\\\/09\\\/07\\\/gold-stocks-face-selling-pressure-despite-plunging-aussie-dollar\\\/\"},\"wordCount\":165,\"publisher\":{\"@id\":\"https:\\\/\\\/thepatientinvestor.com\\\/#organization\"},\"image\":{\"@id\":\"https:\\\/\\\/thepatientinvestor.com\\\/index.php\\\/2018\\\/09\\\/07\\\/gold-stocks-face-selling-pressure-despite-plunging-aussie-dollar\\\/#primaryimage\"},\"thumbnailUrl\":\"https:\\\/\\\/www.incrediblecharts.com\\\/images\\\/2018\\\/2018-09-07-cny.png\",\"keywords\":[\"All Ordinaries Gold Index\",\"Australian Dollar\",\"Chinese Yuan\",\"Dollar Index\",\"Spot Gold\"],\"articleSection\":[\"Aussie dollar\",\"Australia &amp; 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He co-founded Incredible Charts and writes the popular Trading Diary and Patient Investor newsletters. Using a top-down approach, Colin identifies key macro trends in the global economy before evaluating selected opportunities using a combination of fundamental and technical analysis. Focusing on interest rates and financial market liquidity as primary drivers of the economic cycle, he warned of the 2008\\\/2009 and 2020 bear markets well ahead of actual events. 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He co-founded Incredible Charts and writes the popular Trading Diary and Patient Investor newsletters. Using a top-down approach, Colin identifies key macro trends in the global economy before evaluating selected opportunities using a combination of fundamental and technical analysis. Focusing on interest rates and financial market liquidity as primary drivers of the economic cycle, he warned of the 2008\/2009 and 2020 bear markets well ahead of actual events. He founded PVT Capital (AFSL No. 546090) in May 2023, which offers investment strategy and advice to wholesale clients.","sameAs":["https:\/\/facebook.com\/people\/The-Patient-Investor\/61572934660810\/","https:\/\/www.instagram.com\/colin_thepatientinvestor","https:\/\/au.linkedin.com\/in\/colintwiggs"],"url":"https:\/\/thepatientinvestor.com\/index.php\/author\/investor\/"}]}},"jetpack_featured_media_url":"","jetpack_sharing_enabled":true,"jetpack_shortlink":"https:\/\/wp.me\/p9tQ4n-4qo","jetpack_likes_enabled":false,"jetpack-related-posts":[{"id":17087,"url":"https:\/\/thepatientinvestor.com\/index.php\/2018\/09\/22\/aussie-gold-stocks-rally\/","url_meta":{"origin":17012,"position":0},"title":"Aussie gold stocks rally","author":"Colin Twiggs","date":"September 22, 2018","format":false,"excerpt":"Gold continues to find resistance at $1210\/ounce. Trend Index peaks below zero warn of selling pressure. Respect of resistance would indicate another decline and a long-term target of the 2015 low at $1050\/ounce. Currencies The PBOC is supporting the Yuan at 14.5 US cents. Support for the Yuan is driving\u2026","rel":"","context":"In &quot;Aussie dollar&quot;","block_context":{"text":"Aussie dollar","link":"https:\/\/thepatientinvestor.com\/index.php\/category\/forex\/aussie-dollar\/"},"img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]},{"id":17057,"url":"https:\/\/thepatientinvestor.com\/index.php\/2018\/09\/15\/silver-warns-of-further-gold-weakness\/","url_meta":{"origin":17012,"position":1},"title":"Silver warns of further Gold weakness","author":"Colin Twiggs","date":"September 15, 2018","format":false,"excerpt":"Precious metals tend to trend or consolidate together, driven by similar investor motives. Spot silver is testing primary support at $14 per ounce, while a Trend Index peak at zero warns of selling pressure. Breach of support would signal a primary down-trend. Gold is still testing support at $1200\/ounce but\u2026","rel":"","context":"In &quot;Aussie dollar&quot;","block_context":{"text":"Aussie dollar","link":"https:\/\/thepatientinvestor.com\/index.php\/category\/forex\/aussie-dollar\/"},"img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]},{"id":16934,"url":"https:\/\/thepatientinvestor.com\/index.php\/2018\/09\/01\/gold-reacts-to-dollar-weakness\/","url_meta":{"origin":17012,"position":2},"title":"Gold reacts to Dollar weakness","author":"Colin Twiggs","date":"September 1, 2018","format":false,"excerpt":"The Yuan continues to find support at 14.5 US cents. The Dollar Index is testing support at 95. Respect of support would confirm another advance, with a long-term target of 103, but declining Trend index peaks warn of selling pressure. Gold rallied to $1200\/ounce but failed to make further progress.\u2026","rel":"","context":"In &quot;Aussie dollar&quot;","block_context":{"text":"Aussie dollar","link":"https:\/\/thepatientinvestor.com\/index.php\/category\/forex\/aussie-dollar\/"},"img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]},{"id":21411,"url":"https:\/\/thepatientinvestor.com\/index.php\/2020\/09\/05\/gold-retracement-likely\/","url_meta":{"origin":17012,"position":3},"title":"Gold retracement likely","author":"Colin Twiggs","date":"September 5, 2020","format":false,"excerpt":"Gold support at $1900\/ounce is likely to be tested in the week ahead as a lower Trend Index peak warns of secondary selling pressure. Respect of support, with recovery above $2000, would signal another advance, while breach would warn of a correction.\u00a0 The long-term up-trend is intact and our target\u2026","rel":"","context":"In &quot;Aussie dollar&quot;","block_context":{"text":"Aussie dollar","link":"https:\/\/thepatientinvestor.com\/index.php\/category\/forex\/aussie-dollar\/"},"img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]},{"id":17197,"url":"https:\/\/thepatientinvestor.com\/index.php\/2018\/10\/20\/gold-bear-rally-boosts-aussie-miners\/","url_meta":{"origin":17012,"position":4},"title":"Gold bear rally boosts Aussie miners","author":"Colin Twiggs","date":"October 20, 2018","format":false,"excerpt":"China's Yuan broke support at 14.50, warning of another decline. A weaker Yuan is likely to lead to Dollar strength. The Dollar Index respected support at 94 and follow-through above 96 would confirm another advance. A strengthening Dollar would weaken demand for Gold. Gold broke resistance at $1210\/ounce, commencing a\u2026","rel":"","context":"In &quot;Aussie dollar&quot;","block_context":{"text":"Aussie dollar","link":"https:\/\/thepatientinvestor.com\/index.php\/category\/forex\/aussie-dollar\/"},"img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]},{"id":21338,"url":"https:\/\/thepatientinvestor.com\/index.php\/2020\/08\/29\/gold-silver-pennants\/","url_meta":{"origin":17012,"position":5},"title":"Gold &#038; Silver pennants","author":"Colin Twiggs","date":"August 29, 2020","format":false,"excerpt":"Support at $1900\/ounce is holding and Gold has formed a pennant over the last three weeks, signaling continuation of the up-trend. Rising Trend Index troughs, high above zero, indicate strong buying pressure. Our long-term target is $2750 per ounce (1900-1050). Silver formed a similar pennant, with rising Trend Index troughs\u2026","rel":"","context":"In &quot;Aussie dollar&quot;","block_context":{"text":"Aussie dollar","link":"https:\/\/thepatientinvestor.com\/index.php\/category\/forex\/aussie-dollar\/"},"img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]}],"_links":{"self":[{"href":"https:\/\/thepatientinvestor.com\/index.php\/wp-json\/wp\/v2\/posts\/17012","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/thepatientinvestor.com\/index.php\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/thepatientinvestor.com\/index.php\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/thepatientinvestor.com\/index.php\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/thepatientinvestor.com\/index.php\/wp-json\/wp\/v2\/comments?post=17012"}],"version-history":[{"count":1,"href":"https:\/\/thepatientinvestor.com\/index.php\/wp-json\/wp\/v2\/posts\/17012\/revisions"}],"predecessor-version":[{"id":17013,"href":"https:\/\/thepatientinvestor.com\/index.php\/wp-json\/wp\/v2\/posts\/17012\/revisions\/17013"}],"wp:attachment":[{"href":"https:\/\/thepatientinvestor.com\/index.php\/wp-json\/wp\/v2\/media?parent=17012"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/thepatientinvestor.com\/index.php\/wp-json\/wp\/v2\/categories?post=17012"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/thepatientinvestor.com\/index.php\/wp-json\/wp\/v2\/tags?post=17012"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}