FUNCHARTS - Gold can be a leading Indicator for South32 (S32)
Note: Funcharts are interesting charts I have found that offer a potentially unique perspective on a stock. Sometimes I’ll throw something out there that you might find controversial or wrong headed. If that’s the case your 2 cents worth is most welcome.
South32 (S32) on the ASX has been led by Gold (GLD) by 139 days through history. Go ahead and check out the chart, go back in time and you’ll see that there has been a reasonable correlation between movements in Gold followed by movements in South32. It hasn’t always been 139 days but this has been the highest correlation at 29% of all lag times, if that makes sense.
The current intermarket forecast from Gold suggests a rally through to the 25th July, let’s see.
Incidentally Coffee has provided an inverse correlation, I’ll show you that one another time.
Happy Trading
South32 (S32) on the ASX has been led by Gold (GLD) by 139 days through history. Go ahead and check out the chart, go back in time and you’ll see that there has been a reasonable correlation between movements in Gold followed by movements in South32. It hasn’t always been 139 days but this has been the highest correlation at 29% of all lag times, if that makes sense.
The current intermarket forecast from Gold suggests a rally through to the 25th July, let’s see.
Incidentally Coffee has provided an inverse correlation, I’ll show you that one another time.
Happy Trading