The local market is pushing towards the all-time highs reaching higher again today on the back of a stronger US market last night.
The gold price has again failed to pierce the $1360 level and eager gold bulls say it is only a matter of time before heading higher. Time will tell.
The local gold index is not that far away from all-time highs with the lower Australian dollar helping local producers.
The “gold bugs” index in the US market looks to be forming a basing type pattern and is a long way off previous highs and could potentially put in a big move should the gold price rise.
Not all local gold stocks have moved up with St Barbara and Dacian pictured below falling after less than expected production numbers.
Silver Lake has had a strong move up the past two days on good drill-hole numbers supporting potentially bigger reserves. A potential move to the $1.60 level looks promising.
We bought into CSR which has a nice looking bullish flag type pattern on the weekly chart.
Wagners looks to be forming an interesting basing type pattern.
Polynovo had a bounce up from the trend line.
Aveo Group is yet to break out of the consolidation pattern.
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.