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Attached is a chart of Gold spot prices (top) Gold stocks (XAU - middle) and
the ratio of XAU to gold (bottom). As you can see both the metal and the stocks
have reached levels (320 for gold, 90 for XAU) where they've encountered
resistance in the past. Break through or pull back from here? Even if you're
bullish on gold, it looks like shorting the XAU and being long the metal may
have a better pay off here than just being long gold stocks for example. A
decent entry would be when the ratio consolidates at the 0.3 level.
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Attachment:
Description: "gold_and_xau.gif"
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