donald,
FWIW, it sure looks like a bottom and possible reverse hammer. However, the caveat is the gold price, which has been looking sick lately. BMG has only spent 4-5 days below 4 in the last 4 years, the absolute bottom being 3 1/16 end of August. For my short term range I would draw a line around 3 1/2 for a bottom limit. Actually, it should have held 4, if it breaks below 3 15/16 on a close this is not good.
The gold price caveat is a BIG one, this is the one that will make the bottom here or make a new lower bottom. I currently feel I cannot forecast this, the TA is all mucked up, but the risk seems limited so I am in BMG, for now.
Roebear
PS, while looking at charts, the POG took a hit, down about $1.60 and silver down also. Not good. |
