Short Term Trading Week Starting: 19 November 2018, page-23

Few Gold and related Charts today.


SBM - Daily Chart




RSG - Daily Chart

RSG broke out of a bullish falling wedge pattern today, although the break out candle is considered bearish..
Looking further back the chart has shown a possible "Triple Bottom" pattern as well.




RSG has had a large amount of shorts on but recently that seems to be declining quickly...
If Gold moves up too quickly then expect a short squeeze move as a minimum.

The shorts have been helped until recently in an expected miss in production from above average rainfall and a 7 week roaster shutdown.
RSG have recently announced that they will be back to a full year guidance of 300,000 oz for FY19.

With a rising Gold price and a ramp up with first pour of their new mine by mid next year, RSG wouldn't be a smartest or safest "short" right now.





Also some slides from their most recent presentation.





Gold - Hourly Chart

Gold is sitting just below strong resistance of $1,224.
A close above here tonight should be seen as bullish.
US indexes are looking bearish so could see a be a bigger move into Gold tomorrow.





US - 10yr Treasury bond yield

A break below of strong resistance level 3.06 should be seen as very bullish for Gold as US bond yields will start losing their attractiveness.