#Gold #SP500 The ballad of our unwanted* cats continues, every day bringing a new wrinkle to the tale. One of the Golden Retrievers is respectful around the cats, the other harbours a dislike and distrust. The elder dog once proved she could clear a coffee table of red wine glasses with a single swipe of her tail. Seeing a cat on the coffee table, she deliberated turned, gave a happy swipe, and launched the startled cat across the room. Many traders will have shares they probably wish could be dealt with so easily.
LSE:POG certainly must feel like a fully paid up member of the “wish I could swipe it off the table” brigade. The London based Gold Mining company, once trading above £17 has seen the value brutalised, eventually reaching a bottom of 4p in 2015. This year has seen some recovery, insignificant in the great scheme of things, and we’re interested whether the recent shareholder revolt, ousting the chairman and CEO and calling for an independent investigation of transactions over the last 3 years, shall finally allow the price to commence some recovery.
Presently trading around 32p, we shall regard moves anytime soon above 36p as hopefully triggering some slight recovery to an initial 41p with secondary, if exceeded, at 45p. Obviously, for those whose funds have been on a protracted holiday, neither ambition is particularly noteworthy but should 45p make a guest appearance, this shall take the price above the prior high this year. The effect, from our perspective, shall be a hope of some recovery fuelled by historical Big Picture price levels. (See chart inset)
As shown, the price has spent the last few weeks adhering to the downtrend since 2011. Movement above 45p shall suggest quite strongly a genuine trend break has occurred, permitting recovery to an initial 58p with secondary, if exceeded, at 76p. Longer term (or much sooner if positive news is involved) we can postulate 116p as a major point of interest.
All the price needs do is start going up!
*The “unwanted cats” were inherited from an ill relative.
FUTURES
| Time Issued | Market | Price At Issue | Short Entry | Fast Exit | Slow Exit | Stop | Long Entry | Fast Exit | Slow Exit | Stop | Prior |
| 10:25:05PM | BRENT | 45.56 | |||||||||
| 10:30:28PM | GOLD | 1917 | 1906 | 1902.5 | 1845 | 1935 | 1949 | 1966 | 2001 | 1921 | Success |
| 10:33:58PM | FTSE | 6246 | Success | ||||||||
| 10:52:22PM | FRANCE | 5076 | ‘cess | ||||||||
| 11:00:13PM | GERMANY | 13067 | ‘cess | ||||||||
| 11:04:09PM | US500 | 3372 | 3350 | 3335.5 | 3318 | 3370 | 3388 | 3396.75 | 3407 | 3363 | |
| 11:06:43PM | DOW | 27948 | Success | ||||||||
| 11:09:16PM | NASDAQ | 11132 | Success | ||||||||
| 11:17:33PM | JAPAN | 23191 | Success |
