From my contrarian conspiracy-ish view, I don't welcome news of big boys getting in on the gold action through either high profile buys/merger (Barrick-Newmont) because it could signify the top of the gold price rally, range top or whatever the chartist will view gold currently.
The current crop of gold angels are all playing the FX game of XAUAUD and was being successful for many years against the backdrop of the previous batch playing the weak USD! Unfortunately the best thing that can happen to the equity markets globally is weak/contraction growth driven especially by US. Even locally our economic doldrums are chiefly triggering the 'wealth effect' through the property downturn, credit squeeze of banks through RC findings and rising US bond yields. You would think under such leading indicator of Oz economic health the sensitive XJO should be rolling over but it is going from strength in the rally, continue cheap money yield chasing? I took a small hit playing a short XJO though a bear etf fund right on the edges and when price just slam through it, I exited.
Gold $1276 is a key level in the mid range support that is holding from the US jobless figure but I see eventually to be tested. Range price action suggest the bottom(support) usually gets reached eventually before it can recover.
I hope there are no operational issues in Syama interim.
Technicals shaping up for a breakout, page-9
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Last
40.0¢ |
Change
-0.005(1.23%) |
Mkt cap ! $1.543B | |||
| Open | High | Low | Value | Volume |
| 40.5¢ | 40.5¢ | 37.5¢ | $22.35M | 57.19M |
Buyers (Bids)
| No. | Vol. | Price($) |
|---|---|---|
| 2 | 14881 | 39.5¢ |
Sellers (Offers)
| Price($) | Vol. | No. |
|---|---|---|
| 40.0¢ | 668567 | 8 |
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| Last trade - 16.10pm 25/11/2024 (20 minute delay) ? |
| RSG (ASX) Chart |
