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Australian Gold Price Junction

By Jack DavisMarket OverviewFeb 02, 2017 13:56
au.investing.com/analysis/australian-gold-price-junction-200174394
Australian Gold Price Junction
By Jack Davis   |  Feb 02, 2017 13:56
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Originally published by Chamber of Merchants

The Australian gold price is at a junction… It has to break up…or break down….

Chart
Chart

The Cloud Balance Chart shows the amount of bearish resistance coming up…

Chart
Chart

The RSI is showing a divergence….while the price is going up…the RSI is showing weakness…

Chart
Chart

Taking some off the table may be a good idea… I have 10% left in precious metals (Silver Mines Ltd (AX:SVL))

I’ve taken a small short position in Evolution Mining Ltd (AX:EVN) on the premise that we’ll get a break down from the wedge (Tight stop in case I’m wrong.)

On the milk commodity side…

A2 Milk Company Ltd (AX:A2M)

My entry of A2m seems to be playing out…

Chart
Chart

I will now move my stops near to entry, which means that this has become an extremely low risk trade due to my entry point around $2.08-$2.09.

I entered an extra 50,000 shares around $2.12. Some may say that’s called averaging up…but I see it as averaging into the position.

Carry on.

Think Better.

Australian Gold Price Junction
 

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Australian Gold Price Junction

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