All Ords (XAO) Weekly Chart Outlook

SPI down 60 points at overnight trading, XAO is set to open lower unless a miracle happens  . I have marked three levels of support, two in Blue and one in Red on the chart. Zone for the support level  in Red is 5680 ( approx.) which is what I am watching on any test. But, If I had to mark a SIGNIFICANT ZONE of SUPPORT that would be  5600 – 5700.

This short term bearish developments does nothing to change the MAJOR TREND of XAO which is UP and STRONG still. As for it’s INTERMEDIATE/MEDIUM TERM TREND, nothing has changed since the beginning of the year either. Same old boring trading range continues. A decisive break of 5600 and close below that level would change my view if and when on hand.

Japanese Yen, Gold and Bonds are the star performers in the short term. In short, all three are considered safe haven assets.  Cash may also be seen as a safe haven in the current climate.

A friend and a member sent me an email with the following.  Kaz , I think gold stocks will do well tomorrow ?. Yes, I am in two of those myself .

Weekly XAO chart as at the close 17/05



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