The price of gold has fallen through a likely support level and could retrace more of the recent gains as seen on this daily chart. In part gold has been put under pressure by a stronger US dollar.
A longer term chart of the gold price shows a potential support zone near the most recent breakout. In recent years the month of December has seen some interesting turning points.
The All Ordinaries index was off to a pretty ordinary start in morning trade opening down 90 points as major banks and miners led the index down. Lower interest rates will cut the profit margins for banks with analysts cautious on how this may play out in maintaining dividends. US markets closed lower overnight.
Evolution has retraced back to just above the long term trend channel. Where it moves from here is the key question. Generally when the price has moved below the most recent short term trend line price has moved back to the lower support line of the channel.
Senex Energy moved down below our support level and we were stopped out. 
Resolute also moved below our potential support level and we sold. We are keeping a close eye on the gold sector.
Class has finally moved above the downtrend channel and could be forming an interesting ABC type pattern.
Nearmap looks to be forming an interesting consolidation pattern. A move higher could see a potential trade.
Lovisa has recently moved to fresh highs. Can it hold up this time around? A possible trade is looming.
Megaport is forming a potential bullish flag pattern with some low risk entry levels yet to trigger a buy signal.
Table
Security | Units bought (sold) | Date | Open price/ From last table | Current/close | $ gain/loss |
Bought CSL 3/12/18 $183 c/f 9/1 at $192.31 | Bought 15 at $192.31 | 9/1/2019 | $237.82 | $238.39 | +$8.55 |
Bought Westgold
| Bought 1,500 at $1.03 | 7/2/2019 | $2.49 | $2.32 | -$255.00 |
Bought Cooper Energy | Bought 5,000 at 53 | 18/4/2018 | 59c | 57.5c | -$75.00 |
Bought Evolution
| Bought 600 at $3.25 | 9/5/2019 | $4.80 | $4.54 | -$96.00
|
Bought Qube
| Bought 1,000 at $3.04 | 26/6/2019 | $3.16 | $3.24 | +$80.00 |
Bought Ecofibre
| Bought 1,000 at $2.80 | 18/7/2019 | $2.90 | $3.04 | +$140.00 |
Bought Western Areas | Bought 800 at $2.26 | 8/8/2019 | $3.18 | $3.17
| -$8.00 |
Bought IPH
| Bought 400 at $8.55 | 19/8/2019 | $8.71 | $8.86 | +$60.00 |
Bought Capitol Health | Bought 10,000 at 24c | 28/8/2019 | 23.5c | 23.5c | Steady |
Bought NextDC
| Bought 400 at $6.55 | 28/8/2019 | $6.21 | $6.28 | +$28.00 |
Bought Reliance Worldwide | Bought 800 at $3.70 | 28/8/2019 | $3.94 | $4.11 | +$136.00 |
Bought Eclipse
| Bought 1,500 at $1.55 | 4/9/2019 | $1.78 | $1.74 | -$60.00 |
Bought Lifestyle Communities | Bought 300 at $7.20 | 4/9/2019 | $7.65 | $7.66 | +$3.00 |
Bought Senex
| Bought 7,000 at 41c | 5/9/2019 | 39.5 c | Stopped 26/9 at 36c | -$275.00 |
Bought Whitehaven Coal | Bought 800 at $3.50 | 11/9/2019 | $3.11 | $3.15 | +$32.00 |
Bought Santos
| Bought 350 at $7.80 | 16/9/2019 | $7.85 | $7.68 | -$59.50 |
Bought Resolute
| Bought 1,500 at $1.55 | 16/9/2019 | $1.58 | Stopped 30/9 at $1.42 | -$270.00 |
Bought Kogan
| Bought 500 at $6.25 | 25/9/2019 | $6.25 | $6.27 | +$10.00 |
Bought Money3
| Bought 1,200 at $2.25 | 25/9/2019 | $2.25 | $2.27 | +$24.00 |
|
|
|
|
|
|
|
| Start 7/1/19 $50,000.00 | Open balance $72,093.25 |
| $72,093.25 |
|
|
| Gains/losses week -$576.95 |
| -$576.95 |
|
|
| Current total $71,516.30 |
| $71,516.30 |
Brokerage at $30 per round turn added when sold. |
|
| Less purchase, close prices/FX/ Margins $49,619.85 |
| $49,619.85 |
Prices from Tuesday’s close or 6am for US |
|
| Cash available $21,896.45 |
| $21,896.45
|
Disclaimer: The commentary and trading positions taken are for educational purposes only and are not an invitation to trade. Trading is risky and individuals should seek Professional counsel before making any financial decisions. Many thanks to Incredible Charts.com software for most of the charts used in the column.
Monitor, measure, manage and maximise… Cheers Charlie.
