Continental Gold Limited New CGOOF

Where are we and what's next?

[Masterbuilder]

If you follow my posts, I have been bang on (and sometimes a little conservative) when forecasting moves on CNL and gold. My last comment said we will come back to $2.75-$2.95 and we hit $2.89 today, so that is correct. The technicals on the closing price chart have created a "flag" pattern which is a normal pullback when a stock shoots up. The pullback can go to the base of the flagpole so we have a bit more to go... downwards. I suugested that we could?? in normal trading behaviour test the 50 day movng average back at around $2.47. This should be encouraged as it will be very healthy for the stock to weed out the weak hands and give another chance for a good trade. Everybody already believes the permit will be issued so you have to believe this is priced into the stock in anticipation. Yes, you will see a blip up in stock price when the news comes out, but mark my words... the traders will run this up and walk away. ***Why stay around unless you think someone will try and take this out??? (And you are truly speculating then). Meantime... get ready for some volatility. If you are a sharp trader you can do well here. GOLD... contrary to some comments here, Greece will not cause gold to go up. You saw that last week. The US will have good job data and economic data so % rates will trend up and that is negative for gold. I also wrote that gold could?? test $1170 and it did. We broke that and could?? be headed to $1150. We already touched $1157 today. I also wrote that Goldman Sachs is at $1089 for 2016, so the gold trend is down. I wouldn't be surprised to see $1050.