Gold price chart showing main support and resistance lines. Critical here and a failure 0f the minor support level right here, could see sub USD$1200.
XGD has also testing long term support of the 2011 trendline (in red) . Needs to get back above 5063 to become positive again.
I believe this is the finals shakeout of the gold sector to remove the weak hands, BUT, it's going to be gut churning e.g the gold stocks in my current holdings were down 3% yesterday despite POG down just 1.5%. If you can't stomach it, get out. I think USD$1200 may be tested before October (but I hope I'm wrong).
The Brains Trust, page-11197
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2,998.3 |
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| Open | High | Low |
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| XSO (ASX) Chart |