RANDGOLD

Gutted
This bounced of even on the second attempt.
I only made a small profit from the initial bounce. This has moved 150 points from the entry.
Oh well....back on the sidelines waiting to see what happens next

RRS is it at double bottom or further to go down?

Will add charts asap.

ta
G

This ones broken through the support.
Id avoid for the time being as this has been breaking all the supports. This one requires wide stops so best to avoid.This had a recent 123 low formation but that failed.So longs are risky again.



dl.dropboxusercontent.com/u/4899609/rrs20thjune.png

I'd echo Remo's sentiments there too...

From a real-world (not quite fundementals!) viewpoint, the gold miners are in a tough position, and here's why:

The cost of production, whilst varying for different companies, was around $1280ish per ounce last year. Having reviewed various research notes, it looks like the production costs of an ounce sit between $1000-$1280. You can pretty much set the floor to $1140 if you like!

Some miners like Barrick, can produce an ounce at less than $500 (lucky them!), but this is more of an exception to the rule.

Before entering any gold mining plays, I'd pay close attention to the price of Gold right now. Granted, we all have differing points of view as to what is going there (personally, I think the downward move is false, but anyway!).

I'll be heading over to the gold thread (excuse the pun), to put up a chart or two later this afternoon!

Meanwhile, good luck traders and share-investors. For the latter, I feel and share your pain.

I think the demand for physical gold will be still there... so I am buying gold bars now, bought this morning when the price dipped to sub 1290$.

I know, the gold may go down further, but I wont mind buying and holding some bars.

ta
G

hi paitech if you don't mind me asking where and how are you buying the bars from ?