interpretations of daily charts without consideration for weekly and monthly trends is a dangerous practice.
nistrams you show the last 5 months daily and neglect the longer term weekly and monthly analysis. A look at these would give an entirely different perspective on recent daily decline.
A cup and handle formation is in the process of being completed imo on the multi year weekly. Current handle formation is curtosy of POG consolidation and technical issues out at laverton. POG is now starting to show signs of challenging resistance levels and could break out in next month or two. If so a 30% odd gain in POG could be expected prior to years end.
Meanwhile, AAM will demonstrate their production capabilities and, subject to meting projections, will accelerate on upside in line with POG appreciation.
Nothing goes up in a straight line and AAM/ GOLD is no exception. Current weakness has been exacerbated by company centric issues, but with appropriate performance these issues will subside and give way to a market revaluation.
Current SP is filling in gaps and is hovering at support - 50% retrace from recent highs (42c). As we see further evidence of this support holding the upside projections suggested by the cup and handle formation will give substantial upside potential.
I also notice the absence of various indicators in your chart. A few indicators would be nice to show where this trend is going.
GC
AAM Price at posting:
24.0¢ Sentiment: LT Buy Disclosure: Held
