Of course the slide in gold and gold stocks will continue. POG has been falling since the start of June. As with all trends, the downwards trend will remain downwards until new events cause it to change direction.
In March and April, AUD POG was bouncing along on a major slightly-upwards support line before a substantial uptrend began at the start of May. Although now falling, AUD POG is still nearly 4% higher than it was at the start of May. My prediction is for AUD POG to fall back to its major slightly-upwards support line. In other words, a further fall of about 4% from current levels is likely.
USD is gaining against AUD, which favours AUD POG because each USD translates into more AUD, so if my prediction is correct then USD POG will have to fall more than another 4% before the current downtrend ends.
RRL Price at posting:
$2.53 Sentiment: None Disclosure: Not Held
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