We should see an announcement in regards to gold, or at least one would imagine. Hopefully today buyers will come in and start pushing the SP back up to more reasonable levels. If not we could drop down to 5.1¢ my next support and if it breaks through that it could fall to 4¢.
My thoughts are that 5.3¢ is support for now. It desperately needs to cross the 200EMA which is currently around 7.4¢ and then onto the 60EMA of 9¢.
The STOCH is above but only just. The MACD is down and the RSI around 20 (Well and truly oversold) as oversold for me is 30.
The DOW was down Friday 79 points and the ASX looks to open down this morning.
We can all say good as well as bad things about the company, the ASX or each other but the thing to remember is nothing has changed within the company structure.
The minerals, the leases, the management are all still the same, the only thing is personally I think people have sold off due to the sideways movement since April IE bored, also people cashing in shares in case of another GFC.
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My comments/posts are based completely on my own experience thoughts and interpretation along with my current financial position at the time.
Conduct your own due diligence, consult a licensed financial advisor or broker before making any and all investment decisions. As usual all constructive criticism welcomed.Good luck to all that hold.
