Up until yesterday I was bearish gold with possible downside to $308, however, the price has reversed off $326 and briefly broken out of the resistance area between $325 and $331. This seems to me to be a bullish reversal with rally potential to $356 area which was previous resistance level on the way up.
I bought 25 ncm calls and some ALK shares, given ALK should have some drill results in the next few weeks.
Notwithstanding the above, downside risk is still a possibility.
Has anyone got an opinion?
Regards,
noip
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