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Rleonars

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28/11/20

10:32

Post #: 49207152
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Originally posted by sydneyguy: ↑

Well

negative end of week for prices - close below old all time closing high 18181 ish and close below round number 1800

so now has to test old trading high which took a few goes to clear at 1771 ish as it looks for support

strange week with data feeds of gold.org not displaying correctly on graphs as well as ***** from Tuesday

aud gold price a big fall to end the week at its lowest point however you wouldn’t know that with such spectacular rebounds on majors here on options expiry Thursday and follow through yesterday - I don’t know if that was a monster short cover rally or buyers looking for bargains expecting gold to close the week higher which it looked like doing after 3 big attempts from Wednesday to get back over 1818 ish

either way the price action did not work out ay week end and locals here saw a big weekly decline in margins with pog aud at low at weeks close together big rise in energy prices

who knows what happens Monday - major etf of gold stocks finished flat and rebounded to ignore the gold price action all week

good news imo for those that took the punt on majors mid week- big gains off the bottoms already despite the gold price so plenty profit there to be booked if so inclined

wild days indeed - will
Find support at some stage but it hasn’t yet clearly

see how it goes next week

good luck

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Reminds me of the July to December 2016 smash where gold went from US1350 back down to US1150 and I learnt a very valuable lesson of trying to catch a falling knife.

If history repeats, the selling will be over some time in December.

In saying that, I’ve been buying up some smashed down Aussie Goldies at these levels in anticipation.

EVN, SAR, RRL, GOR, DEG, WAF, SLR, BGL, PRU, RMS
12 Upvote

0 Great analysis

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