its all about gold, page-8

Hey rr.

Well, for my money it looks to me like SBM may have solidly broken her trading range set after the failed cap raising in June 08. Holding above 40c is extremely bullish and for me, POG depending, means we're seeing the start of an upleg now.

The fact that we've beaten the highs established when she started trending down mid June looks like a classic breakout for me. I'm not sure it will be a stright ride to 50c. She has gone up hard and fast and so some corrections/turbulence is to be expected post 40c. Providing new support can be established and held at that level, and at this stage it's looking secure (no immediate threats via cap raising or similar) then I do see the start of an upleg here.

It will be interesting to see where a trading range is established in the 40c band. I think we'll see some levelling off, with minor fluctuations, before an assault on 50c. Nothing that will constitute a major retrace for me, though.

I'd expect some selling into strength, but mac selling off market has put the paddles to her chest I reckon. I'm not seeing any bona fide resistance bands established, as she's effectively in no mans land now looking to fill (partially perhaps) the June 08 gap.