Breakout Alert!, page-34

the hedging offers little support to the sp whilever the machines are pushing goldies down

as i forecast 2-3 days back usdgold dropped below the 2002-2015 support uptrend line 2 nights ago - then last night went fishing below the trend line to extinguish stops in the high 1220s as i expected

while they are doing this the machines put pressure on all high liquidity golies - esp those in indexes - to shake longs out of their position

rsg;s problem is that its weak cy18 narrative means it doenst get bid into that machine selling by long funds like say NST or SAR do

its still a soggy soggy story full of big long term promise but no strong 'earnings today' 'spine' s/t' - so its v much at the whim of mr market algo

mind you only takes one big long to decide to take the long view and that could change

telling though that there's been relatively little churn in most usd gold stocks and the HUI was pretty much unmoved

so looks like a shake and bake before a reversal up

but rsg is a shorter no 1 target - so it will likely be among the weakest of the bigs until dec