Gold Set To Break Up?

Technicals | Mar 21 2017

By Michael Gable 

The Australian market is still going nowhere but we have found a few stocks that look interesting from a trading perspective; Nufarm (NUF) and Nine Entertainment (NEC). It is interesting to see NEC looking like it is about to break higher – it was only a couple of weeks ago that we noticed a similar thing with Fairfax Media (FXJ). Is there some behind the scenes interest building in the media space? Spot Gold is looking positive again down here and we include a chart of that.

USD gold
 


 

Our last note on gold was on 10 January. We noted the bounce off support and expected it to rally higher with resistance coming in near US$1220/t and then US$1250/t. It managed to exceed that slightly a few weeks ago before easing back. Gold now looks to be on the move again and if it can take out this year's high just above US$1250/t, then it should go on to retest last year's. If gold can do that and maintain its momentum here, then we could potentially see it head towards major resistance around US$1450/t – US$1480/t.
 

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Michael Gable is managing Director of  Fairmont Equities (www.fairmontequities.com)

Michael assists investors to achieve their goals by providing advice ranging from short term trading to longer term portfolio management, deals in all ASX listed securities and specialises in covered call writing to help long term investors protect their share portfolios and generate additional income.

Michael is RG146 Accredited and holds the following formal qualifications:

• Bachelor of Engineering, Hons. (University of Sydney) 
• Bachelor of Commerce (University of Sydney) 
• Diploma of Mortgage Lending (Finsia) 
• Diploma of Financial Services [Financial Planning] (Finsia) 
• Completion of ASX Accredited Derivatives Adviser Levels 1 & 2

Disclaimer

Michael Gable is an Authorised Representative (No. 376892) and Fairmont Equities Pty Ltd is a Corporate Authorised Representative (No. 444397) of Novus Capital Limited (AFS Licence No. 238168). The information contained in this report is general information only and is copy write to Fairmont Equities. Fairmont Equities reserves all intellectual property rights. This report should not be interpreted as one that provides personal financial or investment advice. Any examples presented are for illustration purposes only. Past performance is not a reliable indicator of future performance. No person, persons or organisation should invest monies or take action on the reliance of the material contained in this report, but instead should satisfy themselves independently (whether by expert advice or others) of the appropriateness of any such action. Fairmont Equities, it directors and/or officers accept no responsibility for the accuracy, completeness or timeliness of the information contained in the report.

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