Well, what an interesting day to end off an interesting week! Money to be made both long and short in this chart. The Shorter did their thing today, for us waiting for the retrace. And profit takers sold out on the bell. Great for setting up the NCM price for Monday.
The US$ POG reached exhaustion on Thursday, so the Shorters did the right thing in selling into this point in the chart. The more they short, the tighter the spring becomes. POG now moving higher, so get that BBQ fired up for the Shorters early next week.
POG heading for US$ 100 and NCM's next stop will be $ 40. Gold news appearing more and more in the business news and on TV. The key indicator to dump Gold is when they start the TV ads for those metal detectors!! I remember those ads back in late '70's..LOL!!
I took a small lot at $33.63, and look to see how the trend opens on Monday. Also jumped in too early on in the day, getting another lot at $34.39.
Interestingly, adjusting the peak POG in 1980 for inflation gives a price today of US$ 2,000. So there is plenty of upside potential in the POG. The AUD has more downside as well.
Cheers, Skip
NCM Price at posting:
$33.03 Sentiment: ST Buy Disclosure: Held
