I would have thought the recent fall had much more to do with the POG than resistance from a long term trend line. Or did a trend line dating back to 2007 somehow anticipate the smash in POG that we just witnessed? Maybe the traders respected the line while gold looked vulnerable. These indicators can be self fulfilling for a while. Ultimately the POG direction was the deciding factor in ABU's near term direction, not the trend line. If gold rocketed up to $1900 the trend line would have been breached. Yes I know you would then call that a buy, but then gold might have fallen again dragging ABU back below the trend line for another sell signal. Its not that line that's important- its the POG right now. My opinion- obviously different to yours.
ABU Price at posting:
3.3¢ Sentiment: Buy Disclosure: Held
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