It's looking less and less likely isn't it... I think it would probably take a significant fall in gold price to send SLR below the trend line it's currently riding up (last chart update post 4288322). I would not expect SLR back to 50's unless gold dipped below USD$900/AUD$1100. That said I think gold could dip this low in the near term, hence why I have reduced my risk by selling half my SLR stock.
US$1000 is such a powerful resistance line I think it is going to take significant news or events to have gold push solidly through it. I kind of doubt gold will do it while the USD is trending sideways/up, the US stock market up, with practically no "disaster" events occurring like we were seeing around this time last year.
If we haven't seen a correction in gold by early to mid September then I will increase my position again in SLR (and other gold stocks I have my eyes on) and then look to increase it again when USD$1k is solidly cracked.
>> I think the gold price in AUD not USD is what we need to watch. Won't help much if the USD price goes above USD1,000 and the AUD goes back up over 90 cents!
I think the sentiment of the US gold price still reigns supreme somewhat even when looking at AU goldies.
SLR Price at posting:
70.0¢ Sentiment: Hold Disclosure: Held
