re: Ann: EVG reports on its near term expecta...
Gday SF,
Clicked on the link, it was a good listen.
I made a post on gold 13/06/09: turned out reasonably correct for a guess, and my gut tells me it could still play out something like I thought.
So my gut feel says maybe 1450/1550 will see this run out before a considerable correction, maybe even to test the breakout around $1000.
It went against the grain for me having EVG forward sell, but maybe it will turn out to be quite a wise move.
The reality is I have no idea, so take it all as a giant guess.
I still see the Gold price has a long way to go, and any correction, albeit rather worrying at the time, would be long term healthy. I see no sign of any blow off top in either gold or gold equities, so the real exciting times are yet to come.
I see the 1 million for sale @ 10 cents providing good resistance for EVG at present. No hurry though, as longer term dependent on all events falling nicely into place.
Brian did say there is still blue sky exploration potential, over and above NEAR TERM expectations.
Patiently we will wait
Jim
Posted 13/06/09
Post No:4156661
Check the weekly chart for these periods:
17/03/2006 to 31/08/2007 --- approx 17 months.
23/11/2007 to 13/06/2009 --- approx 19 months.
Both chart formations are almost identical --- incredibly so ---
When Gold broke out of the former pattern in August 2007 it rose from $670 to $1000, a 50% increase.
The break out point from the current Inverse H&S would be about $970, a 50% increase on that price would be $1455 --- which is not dissimilar to some of the prices being put out there.
I am not saying when or if it will break --- but if you were a betting soul --- the odds could well be in favour of the bulls --- from both a fundamental and technical perspective.
The longer the pattern takes to break, the bigger the move could be.
EVG Price at posting:
9.8¢ Sentiment: None Disclosure: Held
