Ah yes Steve Briese, I think you did mention him on COT and I...

Ah yes Steve Briese, I think you did mention him on COT and I have a copy of his book. I went through about the first 50 pages and it was exhausting trying to understand it! I wish he just comes up with a video representation. The stuff he talks about is too 'deep' for me to prick at his message, 'flogging a dead horse' of my intelligence for the time being. I flipped a COT chart lastweek that I posted to another poster in the Gold forum for opinion but people there are more interested in talking conspiracy than facts and reality! I thought I had a basic understanding but the wide gap between the commercials and spec confused me. Your explanation makes more sense now.

I had posted extensively in that thread what I saw last Tuesday on that smashing of a key support levels 1302 & 1300. I had hoped it was a classic stop sweep but it wasn't and reminded e of the Friday April 2013 smashing through the circa 1500 level with another following Monday attack and then the technicals were all over for the bulls. Lastweek looked reminiscent to the past and one just never knows how it will play out.

No doubt NST is one of the best growth goldie in the sector but short term wise the gold price dictate the valuation albeit with minor adjustment to the value because of its inherent defensive nature ie. multi-mines and low cost. The fall from circa $6 to where it is now remains hefty in % terms.

I have decided to step aside and we each have our own way to pay ourselves for the patience. I know you scale out trading parcels then re-accumulate. I find it hard this way and will just accumulate until a point when I just clear out and start again. I have done it lastweek and there is no shame in saying I don't know where price will head to! Looking for re-entry and I need a few ducks to line up. Catching that falling momentum isn't one of them.

Technically circa $4.00 is the support that have given way last week so I have to stand aside because buying now would mean price has no where to go but reject the 'new resistance' in my speak. The same thing applies to gold price which I trade sparingly. So this is the state of play.

Hanging back the "L" plates and re-examining then COT report for more clues. Do you find any messages from the OI falling or is that a smoke screen?