The spot Gold price posted a low of $1204.50 on July 10th.
Since then, the yellow metal has rallied almost 6.5% and hit an intra-day high of $1281.20 in last night’s New York trade.
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This marks a two-month high for Spot Gold. Internal momentum indicators, combined with increasing geopolitical risks, now suggest the $1300.00 resistance level is within reach.
The share prices of local gold miners NCM and EVN have finally commenced participating in the positive uptrend in the spot Gold price.
We expect both names will break out their recent ranges to the topside and have medium-term price targets of $22.10 for NCM and $2.60 for EVN.
Investors have been showing keen interest in buying both the outright shares, as well as, trading the CFDs listed on the SAXO Trader GO platform.
In addition to the larger-cap mining stocks, the SAXO GO platform offers direct access, tight spreads and deep liquidity in some of the smaller-cap mining names.
These include NST and SAR. Call in to the office for more detail about how to trade CFDs on the SAXO GO platform.
Newcrest
Evolution Mining
Saracen Mineral Holdings
Northern Star Resources
