fibs on run from run over last year were $1.67 to $3.8. second fib line has a retrace to around $2.5 which is the level which was holding till this week
ongoing falls in gold and asx bring fibs into play on run from last gfc to the present jfc
sub $2 possible now. doubtful but if gold does take next step down to $1450 level then so too will goldies. reminds me of lihir during gfc. everything risk based gets sold off step by step.
at least during gfc we had a govt under Rudd with the appearance of wanting things back on track via investment. this one is into austerity. our money was spent on pink batts.
just have to wait on turn up in gold and asx. once they stop falling with a bottom in sight then will see a quick bounce back up but no point chasing the fall down. we had the first bounce last week but gold down again.
cant see this sub $2 but anything is possible from here.
SLR Price at posting:
$2.32 Sentiment: None Disclosure: Not Held
