The Newgold ETF closed 1.97% lower on Friday to end just below its 50 day moving average, while still trading far above its 200 day moving average. The long term trend remains bullish as the share price is still trading above numerous support trend lines. The Stochastic indicator is still trading in oversold territory, while the RSI indicator seems to be losing momentum. We could see a correction back towards the support trend lines before another rally takes place. The rand price of gold is trading 0.96% higher this morning.
Source: PSG Wealth (www.psg.co.za)