RE: Bottom? - $9.30 for AUYI wonder how low YRI will reach. This gold bottoming could be for another of months. There definitely is no strength upwards in this range and this tells me we will continue to correct to the downside. YRI realistically could be at the 11-11.50 range over the next couple of months if the sourness in the market prevails.
Any comments.
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We've been all over AUY the past few weeks. See blog below link below.
50% retracement of the muliyear rally is $10.50 or so, 62 pct is $9.30 or so and takes us to logical retest of 8/07 lows / gaps down there. $13.5 looks like overwhelming resistance now, unless decisively reversed through there. It has been weak and putting in a H / S top over these multiyear trend lines. Everything has rolled over and even the extreme support channels are going today. Game over here and all the majors. Still time to short, but this isn't the best entry point. Some longside airpocket / stink bids showing up out there, but that's about all we'd try long for now.
https://www.stockhouse.com/Blogs/ViewDetailedPost.aspx?p=79085&msg=11