Hi all,I posted the red line (with red arrows) months ago and...

Hi all,

I posted the red line (with red arrows) months ago and said price would follow it down. I had no idea it would do that for so long. The red line was finally discarded by price at the end of November ahead of this potential turning formation. There seems to be some buying support down here as I watch the price action. Remember that emotion has no place in investing so keep that in check. This is not a horse race; we decide when to exit, a completely different ball game where we can control our entry and exit points.

Our gold assets need a lot of work before we can get excited. Yet we have the right dirt and a great sniff at Mangaroon too. The gold stock sector is going against gold right now as a bank liquidity crisis is hitting globally. This is contagion from commodities in general, waiting for the Fed to inject once again.
That is my best guess on the price action and I remain open minded. A hell of a lot of short term bonds will have to be sold this quarter as massive losses unless the Fed can coax rates down with fresh QE. They protect the banks so we have some chance of this happening here.

The black fan lines on the chart are Princeton trend lines from the low at 1, through subsequent highs providing later targets once this gets back on the rise. That is a classic buy divergence at A; while the lower maroon support line has met those older supports marked in black. The buy signal is unconfirmed at this point in time so we need to see a move up to confirm further rises are baked in immediately (or not).

I strongly believe this is a cheap level as DRE do have an asset and great ground, not to mention a great exploration team and management structure.

Green Bull and TB51 have shared some vital news from AustralianSuper; thank you. The tree has been shaken on the commodities complex during a time of low liquidity. That is about to change IMO. I could have drawn in a falling wedge too; a bullish formation. This has been a savage correction that will end soon enough. Nice to see the buyers down here. Are we there yet? There are some lower supports, but this looks heavily oversold in my book too.



I have sent a special long term gold chart to Kinesis money and GoldSilverPros, so I will see if they use it or not. I might share that in here soon. I hope this chart above assists somebody. 2024 off to a shaky start but the year should turn out great. I have targets above the all time highs at some stage this year or next.

GLTAH CW