Get 40% Off
👀 👁 🧿 All eyes on Biogen, up +4,56% after posting earnings. Our AI picked it in March 2024.
Which stocks will surge next?
Unlock AI-picked Stocks

Australian Gold Price Junction

Published 02/02/2017, 01:56 pm
Updated 09/07/2023, 08:32 pm

Originally published by Chamber of Merchants

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

Chart

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

Chart

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

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

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.

Latest comments

Risk Disclosure: Trading in financial instruments and/or cryptocurrencies involves high risks including the risk of losing some, or all, of your investment amount, and may not be suitable for all investors. Prices of cryptocurrencies are extremely volatile and may be affected by external factors such as financial, regulatory or political events. Trading on margin increases the financial risks.
Before deciding to trade in financial instrument or cryptocurrencies you should be fully informed of the risks and costs associated with trading the financial markets, carefully consider your investment objectives, level of experience, and risk appetite, and seek professional advice where needed.
Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. The data and prices on the website are not necessarily provided by any market or exchange, but may be provided by market makers, and so prices may not be accurate and may differ from the actual price at any given market, meaning prices are indicative and not appropriate for trading purposes. Fusion Media and any provider of the data contained in this website will not accept liability for any loss or damage as a result of your trading, or your reliance on the information contained within this website.
It is prohibited to use, store, reproduce, display, modify, transmit or distribute the data contained in this website without the explicit prior written permission of Fusion Media and/or the data provider. All intellectual property rights are reserved by the providers and/or the exchange providing the data contained in this website.
Fusion Media may be compensated by the advertisers that appear on the website, based on your interaction with the advertisements or advertisers.
© 2007-2024 - Fusion Media Limited. All Rights Reserved.