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Gold/Mining/Energy : Blue Chip Gold Stocks HM, NEM, ASA, ABX, PDG
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To: cmg who wrote (45030)6/26/2013 6:50:13 PM
From: rubbersoul1 Recommendation

Recommended By
zamboz

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Trader Dan has been the best of the KWN guests. He sees lower it seems. HUI support at 180/160 and gold support at 1150/1050.

"I see things as follows: Gold has round number psychological number support at the $1200 level. Thus far in this meltdown, those round numbers have not been very good at holding on the downside; rather they have served fairly well as selling points for rallies.

If $1200 fails, then you have support down at the cost of production near the $1150 level. Seeing that markets tend to always overshoot prices because of margin calls and other assorted technical factors, if $1150 failed to hold, you could see another $100 or so drop in price. That would take gold into the next support level noted below the 50% Fibonacci level which is $1050.

Let's just say that I do not believe gold prices would stay down below that level for any length of time. I remember what seems an eon ago when it was buying from the INDIAN CENTRAL BANK that took the price of gold through the $1000 level. It never saw that level again.

My thinking is that Central Bank buying will be quite intense should gold ever get to that level.

My view is that $1050 would represent a buying opportunity, should gold get down that low for long-term oriented investors. Remember, this is for investors, not traders."

traderdannorcini.blogspot.ca
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