> Where do you see the actual bottom for the XAU?
I rather stick to my "summer sideways" prediction, although summer ended on Friday, than try to pick an exact bottom. I don't see us going below XAU 45, and would not be surprised to see last week's 48.46 hold. Unfortunately, I don't see much upside either, yet.
> NEM and ABX are in danger of retesting their August 98 lows.
I don't think so, August 1998 was a real disaster on high volume, as opposed to the long slow process we have been dragged through this summer. On August 26, 1998 ABX/NEM were 15/16 and they were 15/17 by September 3, 1998. There were only 5 ugly trading days in between when the 12.875/13.25 lows were hit. I think they may dip a little from here, but not to August 1998 lows. (not enough for a short trade)
BTW, NEM hit new 52 low yesterday at 16.50 |
