I believe Fresnillo may well have hit its bottom target this morning. 137p may well be the best price on this particular retreat. I suspect a rally of some kind may well be on if gold holds its floor and pushes higher later today.
Centamin is getting close to my 133p selling price much faster than I ever expected.
Decisions may have to be made much sooner than I thought.
What may happen is that rebounds back up to 141-143p and then retreats back and forth in a wide consolidation pattern. I have bought 6000 Fresnillo after 11-12% drop and for Centamin that was 135p. I have just bought 10,000 at 134.65p hourly RSI on 22 ad 5 hourly hits 33. Fresnillo is holding up since earlier this morning.
Second buy at 134.37 for Centamin, sold 2,000 Fresnillo at 698.8 after a buy made 10p less this morning. Balancing gold and silver bias and now have equal weight with Centamin and Fresnillo.
Still holding out for lower than 133p.
Sort of stunned where we are today.
I agree that some ‘bargain hunters’ might be tempted in. Hope you are fleet of foot @tornadotony
The key moves are in the next 48 hours. Unless somebody can tank silver and gold below their support lines the move thus far is just to the bottom of an up-trending channel. They had gold and silver on the ropes, literally just a few cents more down and stop losses would have been hit and a mega drop in play. The fact is that buying came in for both. RSI levels had cooled off to oversold on the miners. Fresnillo has led the move and it has out-performed Polymetal today. I therefore suspect that gold is on a counter rally back up to 1530. If I am right the key battle zone is whether 1530 breaks down as a lower high or it carries on upwards. If gold moves the way I think it may do, than Centamin
is a 9p or 10p bagger.
Of course if all support lines get wiped out over in Asia than your patience wins out. We shall soon see the result.
All the best Tony
Much too much of a gamble for me @tornadotony.
My viewpoint is that gold still looks weak but it’s anyones guess. I’ll be watching PoG this evening and tomorrow.
Money could be made by a guy like you @tornadotony. We will always get fluctuations on the way down.
My temptation levels have definitely risen, if we got into the 120’s I might make a move. Although I feel that I should wait for 110’s, should they come.
The second attack is on-going. Gold spot 1487. If it holds the other side used all their ammo.
Tomorrow should be interesting.
I hope you don’t get your fingers burnt on this one @tornadotony.
Still watching and waiting.
Sold Centamin for 2.2p profit at 136.8p as miners lose uptrend support.
Essentially just a quick scalp. Have moved to 100% cash on the equity portfolio. I am not going to play against the FED and central banks. I am not sure where to invest and prefer to wait and see and look for bargains. Oil and gold appear to be ready for new downtrends.