Gold shines on struggling ASX

David Llewellyn-Smith

Wednesday, 1 July 2020

The Australian dollar is still trying to push higher this morning. The chart is still bearish:

Bonds are stable:

Stocks are struggling despite another drunken night on Wall St:

Big Iron is OK:

Big Gas is struggling:

Most of Big Gold is coiled in an ascending triangle pattern looking for break out:

Big Banks are still trending into correction:

Big Chunt is still smoking something very strong indeed:

Gold looks to be the new Nasdaq.

About the author

David Llewellyn-Smith is Chief Strategist at the MB Fund and MB Super. David is the founding publisher and editor of MacroBusiness and was the founding publisher and global economy editor of The Diplomat, the Asia Pacific’s leading geo-politics and economics portal. He is also a former gold trader and economic commentator at The Sydney Morning Herald, The Age, the ABC and Business Spectator. He is the co-author of The Great Crash of 2008 with Ross Garnaut and was the editor of the second Garnaut Climate Change Review.