It looks27 Aug 2013 12:00
like a fook-weird way to mark out the bottom of the long-term upwards channel - it kicked off the day with a double auction, i.e. ten minutes of no trading, before the tiny 711 U/T popped out for the open, it then filled the gap at 792 before trundling down to 750s ...
As I say, technically speaking, it will look in hindsight like a reaffirmation of the upward channel though you could never buy at anything like c711 unfortunately - looks scary today but most likely is bullish as, again, in hindsight, it will look like it's marking out another huge IH&S for another massive move upwards?
I had it at the top of a monthly channel at c810p for Friday's close so it's likely the reaction to that - it could fiddle around for a while finding its feet but I'd suggest that breaking that 810p could put it on another big charge; only time will tell as per ...
It's gold and its Russian so anything can and will happen I guess, it's not the only one with games afoot at this morning's open .......
GLA