Few Gold and related Charts today.
SBM - Daily ChartView attachment 1367997RSG - Daily ChartRSG broke out of a bullish falling wedge pattern today, although the break out candle is considered bearish..
Looking further back the chart has shown a possible "Triple Bottom" pattern as well.
View attachment 1368003
RSG has had a large amount of shorts on but recently that seems to be declining quickly...
If Gold moves up too quickly then expect a short squeeze move as a minimum.
The shorts have been helped until recently in an expected miss in production from above average rainfall and a 7 week roaster shutdown.
RSG have recently announced that they will be back to a full year guidance of 300,000 oz for FY19.
With a rising Gold price and a ramp up with first pour of their new mine by mid next year, RSG wouldn't be a smartest or safest "short" right now.
View attachment 1368007Also some slides from their most recent presentation.
View attachment 1368009View attachment 1368011Gold - Hourly ChartGold is sitting just below strong resistance of $1,224.
A close above here tonight should be seen as bullish.
US indexes are looking bearish so could see a be a bigger move into Gold tomorrow.
View attachment 1368013US - 10yr Treasury bond yieldA break below of strong resistance level 3.06 should be seen as very bullish for Gold as US bond yields will start losing their attractiveness.
View attachment 1368017
(20min delay)