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Australian Gold Price Update

By Jack DavisCommoditiesFeb 07, 2017 15:07
au.investing.com/analysis/australian-gold-price-update-200174868
Australian Gold Price Update
By Jack Davis   |  Feb 07, 2017 15:07
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Originally published by Chamber of Merchants

The RBA have held interest rates at 1.5%.

The AUD/USD has now been given more support… which means we receive worse prices for our exports if the AUD/USD lasts.

In turn the Australian gold price has not quite broken through resistance.

Rather it has pulled backed temporarily and will require a surge in the US gold price to break through…

Chart
Chart

The Australian gold price has pulled back to $1605.

Some miners have had significant gains, such as St Barbara Ltd (AX:SBM), Evolution Mining Ltd (AX:EVN)… However, the junior miners have not gained much beyond their previous highs which may be a sign of distribution.

I entered only a small portion as this could be a case of buying at the peak of the trading.

It could also be a case of buying for the next leg up.

50/50 trade with stop losses to protect against the downside.

When I identify support, that would be a point of further entry.

Researching and charting: South32 Ltd (AX:S32), A2 Milk Company Ltd (AX:A2M), Silver Mines Ltd (AX:SVL).

Australian Gold Price Update
 

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Australian Gold Price Update

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