Hi Beany
My initial thoughts on the daily chart - today's candle signals caution - its a 'Dark Cloud Cover' candle on high volume. Not quite a 'Bearish Engulfing' candle. It's not complete gloom, though as 72c area is immediate short-term daily Support. The Trend since 14 May is still intact (for now).
On weekly chart I have 67c - 68.5c as major Support. I would be a lot more bearish below that level. Obviously BGL made a new all time high today at 75.5c, so there is no historical overhead resistance.
I think BGL, along with many gold stocks (incl. multi-year disliked gold juniors now getting attention) are responding to what the sector-as-a-whole is doing. The XGD Index is up some +66% in 70 days (before today) & many of the gold stocks have been the best performers since the market lows. with Australian gold price hitting a record A$2,776/oz not too long ago (now about A$2,555/oz), there is massive profit margins to be made for the largest producers with operations in Australia.
The Australian dollar gold price though (XAU/AUD) is now sitting on 2 key Support lines. It must hold here or bearish momentum may come into many Aust gold stocks. The top 3 ASX gold stocks, NCM, NST, EVN are all back on Trending Support lines (daily charts), just like the XAU/AUD. Next few days should be telling on direction from here.
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Hi Beany My initial thoughts on the daily chart - today's candle...
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