So if you bought 5 years ago you are back there, page-70

Gold price has seen further weakness since posting earlier in the week.

https://hotcopper.com.au/threads/so-if-you-bought-5-years-ago-you-are-back-there.6813048/page-2#post-62239067

The rapid sell off and short burn that played out on NST earlier in the week does favour the bears and tbh after breaking long term support around $8.50 a few weeks ago trading has heavily favoured the bears.

Looking at the consolidation period leading up to the sell off earlier in the week and its clear that move had been well orchestrated with smart money making their biggest moves around the $8 mark.
This move was set up over a period of a couple of weeks.

Whats interesting is the next level of consolidation since the sell off.
The POC since the sell off is currently sitting at $7.04.
A break in either direction from this should initially see a strong move as this price is either an area of accumulation or distribution and I've got a feeling you'll find out which very soon.

For the NST bulls and gap players we saw one box ticked off the list earlier in the day with the gap at $6.96 being filled.
This did trigger a quick response with a shallow rebound back to that POC level.

For the bears, the move back to the $7.04 is currently failing and if we don't see buyers step in from here this could lead to further downside.
Any bears that also play the gaps then the next available gaps are sitting at $6.75, $6.54, $6.41.
If the $7.04 level cannot be recaptured I'd look to the $6.30-$6.50 zone for any vol bounces.

That said, it's not all bad news.
Yes, gold does look to have further downside but IMO that downside does look to be limited.
I'd expect the $1790-$1800 level to be heavily defended.
If POG heads down there as NST drifts into the mid $6's then it 'may' present a great buying opportunity.
However current market conditions are challenging to say the least so I'd keep your views flexible and risk low.

As mentioned the other day, I have no vested interest in NST going up or down and currently hold nothing in the stock.
Have had quite a bit of luck trading in both directions (throwing more weight behind shorts since $8.50 failed) but price action and levels on both NST and Gold do not make me want to hold anything for any extended periods but that can change quickly...

For the LT holders I hope NST can recapture its bullish zone.
For the buyers/accumulators, there may be some great opportunities ahead.
For the shorters, just because there has been quite a bit of negativity, POG is getting close to a significant level for a reversal, so I'd stay cautious.

Remember to play safe and good luck which ever way you trade.

AIMHO
DYOR
GLTAH

15min chart below