After sliding more than $200.00 over the last four months, Spot Gold snapped a six-week losing streak to close at $1205.00.
Yesterday’s 2.0% rally was supported by the combination of a slightly lower US Dollar and a record high short positioning from retail speculators.
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The technical indicators suggest Gold bulls have a bit more work to do to before a sustainable reverse in trend can be established. A NY close above resistance at $1212.00 would confirm a major low is in place.
We currently have ALGO buy signals for both NCM and EVN and both stocks are part of our ASX Top 100 portfolio.
We suggest adding to long positions in both of these names with medium-term targets of $23.35 and $3.65, respectfully.
Newcrest Mining
Evolution Mining
