under the radar, page-3

VERY UGLY chart now - a bearish engulfing pattern yesterday confirmed by a gap lower today.

Yesterday's VWAP was ok, making me hope it was just an accumulator pushing it down into the close yesterday to scare holders off. But unfortunately the techs for the gold price don't look so hot anymore. A symmetric triangle had formed (usually a continmuation pattern) but broke to the downside overnight, making punters skittish of gold and even more skittish of producers. Fortunately volume was only moderate, so I am hoping it is a false breakout.... (hhmmm....hope as an investment philosophy???)

The medium term fundamentals for gold are still very sound, the only risks being a pullback in gold price if the stupid Europeans cause a liquidity crunch and holders have to sell what is liquid; or pain for gold stocks if the stupid ALP/Greens govt entend taxes to gold producers).
So ride out this dip and look to take out $1 in a few months (with some painn in the meantime).