Monday, May 24, 2010

ABX - Tale of Two Currencies

  • The $USD has surged on safe haven buying, but it did take a breather lasty week
  • The more "risky" $CDW has been crushed in the last several weeks.
  • Because of high currency volatility, companies dually listed on US and CAD exchanges tell a different story when charted, which makes technical analysis more difficult. 
  • One thing to note is that overall the Gold miners did suffer severe technical damage last week. The $XAU and $HUI have reversed and both are oversold. ABX has not reversed it's trend yet, but it is on the edge - the same goes for Gold.
  • Expect an oversold bounce this week, and be on alert.

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