Business
  • Charlie's Charts

Charlie’s Charts 29th July 2020

The local market continues to trade around the 6,000 point level in a tight range after a brief push higher last week and it could be argued that the index is again positioning itself for another move higher. We were quickly stopped out of our long index positions when the market turned south. This weekly chart of the index shows the fast fall and recovery to be just above the longer-term trend line. The price of gold has been in the news after reaching an all-time high. The current rally has only just begun according to some analysts with the […]

Jul 29, 2020

  • Charlie's Charts

Charlie’s Charts 22nd July 2020

The local market had a big day yesterday after spending weeks in a tight range and moved up 2.5 per cent, the biggest daily gain in over a month. Having waited patiently for the breakout we jumped into the move buying both the Gear ETF and some ASX 200 cfd’s. We sold half of the cfd position at the close of the day to lock in some profit and reduce risk, and with the market down to 6,100 points before lunch we sold the other half for a small profit. The price of gold made a solid move up last […]

Jul 22, 2020

  • Charlie's Charts

Charlie’s Charts 15th July 2020

The local market has been consolidating at these levels in an increasingly tight range and today’s positive price action has made a new 6 day high and yet still remains just within the triangular pattern. The price of gold has been trading in a small range just below the highs and could be building up a head of steam for a further move higher into an August top, or maybe not, time will tell. The gold/Dow ratio is showing the latest turn in direction. How far will this leg take us? A somewhat blurry picture showing a few previous bullish […]

Jul 15, 2020

  • Charlie's Charts

Charlie’s Charts 8th July 2020

The local market looks to be at an interesting juncture forming a triangular consolidation or possibly continuation pattern. The daily chart of gold shows a rising wedge formation which can precede a drop in prices when the lower trend line is breached. Which way will it go? The price of gold on a monthly chart showing the target that a leg up the same length as that from the low in a saucer or rounding bottom shaped pattern would make and see price reach $2,500. Interestingly price in the past has topped out in the August to September period. Will […]

Jul 8, 2020

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