Aussie Gold stocks

I was asked my view on Aussie Gold stocks so thought I’d post charts of some that I’m keeping an eye on as the precious metals both flirt with 6-year bear trend lines.

I wrote an article about Gold and Silver over the w/e and this contained charts showing how both metals are testing significant bear trend lines that have been in place for the last 6 years or so. Any bullish continuation would suggest an inflection point turn for both metals, following this lengthy pullback, and could have follow-through consequences for Gold & Silver stocks. This post contains charts of a few Aussie gold stocks that are also starting to look perky.

EVN: Evolution Mining:

The last time I posted a chart of this stock it looked like this:

The breakout from the larger triangle has continued and there has now been a new breakout from a more recent period of consolidation. The hold above $2 is also helping to make this stock look rather bullish:

This recent triangle breakout was bullish and momentum is starting to tick higher as well. The ADX indicator at the bottom of the chart shows the green line, bullish momentum, edging higher above the 20 threshold and overall momentum, the black line,  is starting to make its way higher now too:

NCM: Newcrest Mining:

The last time I posted a chart of this stock it looked like this:

Price action has continued higher and the stock has made another bullish breakout from a recent period of consolidation:

Any hold above $25 would be encouraging and notice how overall momentum, the black ADX line, is starting to tick higher too:

NST: Northern Star Resources:

The last time I posted a chart of this stock it looked like this:

There has now been what looks like a Bull Flag breakout and overall ADX momentum looks to be starting to tick higher. Any close and hold above $5 would support the bullish thesis.

SBM: St Barbara:

The monthly chart shows how price action has held out from the triangle breakout and, like with the other Gold stocks, there has been a new bullish breakout from a more recent period of consolidation

This is looking like a Bull Flag breakout here too and overall momentum is ticking higher:

Summary:

Both Gold and Silver have been bullish since the start of the year and are testing major bear trend lines. Please refer to my w/e post for these charts. Any bullish breakout and hold above these trend lines would suggest continuation for the metals and would most likely drag metal stock prices higher as well. However, caution needs to be exercised as the metals test these resistance zones as some pause, or deeper pullback, could evolve even as part of overall bullish continuation.

The Aussie gold stocks posted above are starting to look bullish after some recent consolidation and, in my humble opinion, are worth keeping an eye on. These stocks were recently noted as benefiting from global geo-political tension however their bullish bias fits in with that seen across the overall Aussie stock market. The XJO, Aussie top 200 stock index, despite the global situation, has itself made a bullish triangle breakout and I’m watching for any continuation higher here too:

XJO weekly: ASX-200: note the bullish triangle breakout and uptick with momentum:

XJO monthly: I’m watching for any uptick with momentum here:

MMMBy Mary McNamara

Source: tradecharting.com

 

 

 

Leave a Reply

Your email address will not be published. Required fields are marked *