Gold has failed to go up during this crisis....there was a huge sell down....mistakes no mistakes....GOLD is still lower. It is not a good sign....if it failed to go up during this scary time then I dont know what will make it go up.
NOw US has kicked the can further...but at least they have "solved" the problem and removing the fear. Gold may at the end still goes up but in the short term it looks weak.
I am a long but SG reality is I have made money on NCM going short than long......still have some long but holding bigger position in shorts. I would not be surprised if 10 breaks and who knows if 9 will be broken as well.....the reality of GOLD going down in the middle of this crisis is hard to take but it is what it is and I have to put my money where I believe that I have a bigger probability of being right.
SG, you have been right in your calling way back and unfortunately some traders find it hard to say that you have made the right call on NCM. NCM can or may go back up again but now it looks like it may go lower.....there will be plenty opportunity to go long on extreme but the same going short on the big move up.
Cheers,
NCM Price at posting:
$10.14 Sentiment: None Disclosure: Held
