Three days ago the Australian gold index generated a rare triple buy. So far the signal marked an exact high and it looks like it is going to sell by Friday to completely reverse the course of action. To stay alive on Friday it needs to close above 6958.5. The price is sitting at 6534 tonight, exactly at the trendline going back to the low of August 2018. I suspect tomorrow we could get a gap down and then the next support is at 6000, the up-trend line going back to low of Aug 2015. The final support is at 5100, the trendline going back to the low of Sep 2014. The 50% retracement fibo level for the whole bull from 2015 sits at 5170 and reaffirms the above mentioned main trendline. The 61.8% fibo is at 4331, that is the last line of support! If everything is going crumbling down these are the levels to watch. I just hope we don't open at 4000 next Monday :).
As I said the other day I knew the day will come during this bull market that I will want to sell everything. Today I am seriously thinking of selling all my miners and keep only physical gold, which is already 50% of my position. The market has spoken and if USERX sells the 92-96 my stops will be hit and I will be out till the next signal. Also, I am seriously thinking of acquiring and holding on some hard cold cash. I don't think we can trust our banks and that the markets will operate properly if the crash continues in this manner.
Good luck to everyone,
Branko
p.s. I'll update the other charts in the morning after the USA market close.
No comments:
Post a Comment