we also have 2 gaps down now, with a falling gold trend.
I'm more familiar with gaps up being filled as it pulled lower, not the other way around so much - very tricky call. Obviously a great price right now for grabbing some on the cheap, but until POG can turn back up there's no reason to think BDR won't touch the 20's again
I'm very conflicted again this morning. Going to be out for the day so not at the computer till this evening, but summing up a few thoughts.
S&P500 has had a pullback for 2 days now. Has this recent rally been legit or is it showing there was not really anything in this last move higher?If it pulls back strongly one more day, it might indicate the last fortnight's rally above previous highs and double top was a fake/failed rally.
Panic/fear of this could arguably help out the POG (and BDR).
The US dollar. Yesterday afternoon/evening annoyed me. both POG
and US dollar were in the red late arvo/overnight. I really expected POG to trade more inversely to that and stay up around $1175ish. Instead, POG put in another lower low overnight, a bearish sign that POG has not finished falling yet.
If this dollar could fall below 100.6 I would feel more comfortable holding. and yet, rate rise should see it spike initially, and as much as I want to see a repeat of January last year where POG took off after the one and done, there seems to be more sentiment to rates continuing to rise which would continue to crush POG.
POG daily still trending down.
This is bottom picking here at best, with no convincing support below that I can see.
Anyone can see this is in a falling trend, and it has NOT stopped yet.
Such great/low price for BDR, but still very risky ATM to be in POG if it is going to fall another $40-$50
(not out of the question IMO).
I would feel safer holding today if we can see POG break up over the last recent top to $1176 and a bit higher. NFP tonight could be another smashing, so we are on the wrong side of the trend as holders right now. Hoping it all turns from here.
