Hourly chart. Holding well around $25.20 past 2 days. Getting ready to move up.
9 EMA just about to cross over.
I don't think NCM movements relate to the gold price at the moment.
NCM often gets moved up and down and played purely by the actions of big money. Traded by some very crafty people.
The price action is now of one that is done with moving down and wants up. It knows it is way oversold and the shorting was overdone and coming to an end.
The gap left behind from the bounce up from $24.86 is a little bit of a concern which I looked at and considered carefully yesterday. But I think it doesn't matter as that will be taken care of after a decent run up.
This NCM is not for people who don't like seeing their money go down. Be very careful with NCM.
If you have held on past few weeks, you have done well. The key with NCM is to apply a very tight stop loss, say -2%. If after you buy, it goes down by -2%, don't hold on, just get out. And let it fall. On long enduring downtrends, buy it on -5% down days and get out the following day when it bounces momentarily. Don't hold it. When you do it like that, then you are playing it exactly as the big boys who are doing that same thing.
Only do holding (6 weeks - 3 months) after the trend changes from down to up. We are either there now or very close to it. Could be one more $1 size drop into $23.00's though. If that doesn't come in next few days, then we are at bottom now and trend has changed already.
NCM Price at posting:
$25.38 Sentiment: Buy Disclosure: Held
