$40 cents club, page-163

The old maxim "the commodity leads" is especially pertinent to gold - its the headline that the man in the street gets thrust at them daily, and usually its the US$ POG, not the more relevant (for local gold investors) A$POG.
It appears consensus expects no more rate rises and the US$ has peaked .... is this the calm before the storm ... will the market crack or rebound ??
Having formed a firm base at US$1900 support, the big candle surge above the 23.6% retracement resistance is bullish - a rise above 50% would be better, and above 61.8% very bullish ... for gold. Note how these retracement levels approximate technical resistance / support levels.
So, US$ down, Oil price up .... A$POG stable at a very profitable level.

Technically the A$POG is stuck at the 23.6% retracement support, but such an extended consolidation firms up a support level and predicts a strong break out, usually in the direction of the main trend ... it would be nice if the bullish 50% and 61.8% levels were attained.
So, It would appear local gold miners will have a strong tail wind going into the new financial year, which will enhance the atmospherics at Diggers&Dealers, and there RED5 will be one of the stars and hopefully at the centre of further "consolidation and rationalisation of the Leonora district".

RED Technically is looking bullish (especially for those "lucky b@stards" who bought around 14c) ... 20c appears firm support, and next level is 25c, which should fall by August, but for me, 30c is "key resistance" - if that is breeched with confirmatory volume ..... the game is on !