Australian Gold Price Update
Jack Davis | Feb 07, 2017 15:07
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…
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).
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