Share17 Nov 2013 23:53
Gold has triangulated since it's low and that's coming to and end soon - it looks to be a +-$250 move to me and I don't know which way it will go, however, a triangulation is usually seen as a "continuation triangle", i.e. continue with the current trend which is downward ... So, a break down from c1,250 would put a target of c1k on the board and that's many goldies out of business, you can certainly wipe your a*se on and flush your POG shares if you have them lol.
It *could*, however, break out rather than down which would strongly imply to me that <1200 is never going to be seen and that would be extremely bullish for many goldies, especially those with the most currently distressed SPs ...
I'm, somewhat, aware of the fundy stuff on AMA and I know it compares well to many others, especially with concern to costs per ounce which, assuming gold does take a further tumble, will become *the* focus of goldies everywhere rather than production numbers and it could help them weather what I presume will be another storm for most goldies, again ...
FWIW, if and when gold does say hello to 1k again, that's pretty much an all-time 50% Fib, i.e. it's halved, and I have severe doubts as to it going any lower. Rather I'd expect it to ease its way back up to 1500s over a period of a year or so - the point here being that if it does see 1k then imo, that's your cue to buy goldies, particularly those that were trashed the most by the drop ...