Yesterday was one of the best buying days I've seen for a while. I'd hope by now you wouldn't need me to have told you that yesterday. Hourly RSI's on gold and the stocks fell to the floor and were easy to recognize the opportunity. IAG fell like a stone (finally) as did a few key others particularly Goldcorp. On the IAG front the breakout was forced and premature if you ask me. The hourly RSI fell yesterday but daily has a ways to go yet. Goldcorp yesterday fell to the bottom of the trading bands at the very key 33 level. Daily RSI was in the 30's as well as hourly, and hourly gold. It's at this point a pretty good trade. Today is mildly better but not by much. I bought GG at 34 yesterday with a target of about 36 or more on it in a relatively short time frame. Things haven't stretched far today so if you can pick it up close to 34 its a safe bet. IAG is looking strange at the moment in it's performance, as it has been while it was climbing now it looks strange in it's descent for all the same reasons. I'd stay away for now at least.
As for GSS and TRE if your still holding them, that's ok. (I am btw) We will most likely not have a press release on TRE till they produce the gold, so there's time to get in time to get out and time to trade. However don't sell now, it has tanked but the RSI is pitiful and frankly up is the only way left for it. You'll be able to get above 3 for it soon. GSS got murdered yesterday but is still looking good. I don't think it will take much to push it back to the 52 week high which is now close enough to our 2.70-2.75 target at 2.69 to sell it.
Quick note on the dollar is this: The former important support line at 79.60 is now the resistance it will need to break to continue upwards. It won't. Upon reaching it it will begin declining. The closer it gets, the better a buying opportunity on gold.
In an unrelated note, thank good for the pre-season! 6 months with no football is just too long, and boy am I glad to see my Raiders kill the cowboys last week! Maybe we stand a chance this year. Anyway...
-J
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