RED just seems to be following the broad USD gold price trend:
Sucks, because USD gold will go lower if USD goes higher, which is likely with further rate rises. A lot of the charts for Aussie gold stocks look tha same - must be driven by US index/algo trading as suggested. Obviously an opportunity here as gold will turn (at some point).
If the AUD stays in the low 60's, even if USD gold falls to the $1,400's, we still get AUD$2,200 or better. So still profitable in AUD terms.
It's irrational that US funds would sell profitable Aussie gold miners, but this is the market we are in.
RED Phoenix, page-2
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Last
32.3¢ |
Change
0.018(5.74%) |
Mkt cap ! $2.159B | |||
| Open | High | Low | Value | Volume |
| 32.0¢ | 33.0¢ | 31.5¢ | $6.190M | 19.28M |
Buyers (Bids)
| No. | Vol. | Price($) |
|---|---|---|
| 54 | 1330981 | 32.0¢ |
Sellers (Offers)
| Price($) | Vol. | No. |
|---|---|---|
| 32.5¢ | 1485982 | 47 |
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| Last trade - 13.13pm 13/09/2024 (20 minute delay) ? |
| RED (ASX) Chart |