ALGO Buy Signal On ZGOL (Gold ETF)
Our ALGO engine triggered a buy signal on ZGOL (ETF) into Thursday’s ASX close at $16.50.
This “higher low” pattern is referenced to the low posted on December 18th at $16.18.
ZGOL is an Exchange Traded Fund based on Spot Gold prices denominated in Australian Dollars. As such, a period of rising Gold prices combined with a lower AUD/USD would be the optimum valuation environment.
More specifically, if the price of Gold rises to $1350 and the AUD/USD drops to .7400, we calculate the unit price to trade in the $18.25 area.
ZGOL is backed by physical Gold held by the ANZ Banking Group at its vault in Singapore and is traded on the ASX.
ZGOL Gold ETF
