Quietly confident that there will be a bounce of at around 3-4% (at least for RMS).
As shown in the chart below, there had been an approximate increase of A$30 in the price of gold from 4:00pm (Friday) until now. A$30 improvement translates to about ~1.5% improvement in gold price in Aus$ term. If one assumes that the beta for gold miner share prices to gold is 2, then one can expects a 3% improvement in gold miner share prices. Even if there is no change in gold price, over the course of next few trading days, gold miner share prices will gradually pick up the loss on Friday.
IMO.
RMS chart, page-60
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Last
$2.10 |
Change
-0.040(1.87%) |
Mkt cap ! $2.411B | |||
| Open | High | Low | Value | Volume |
| $2.13 | $2.15 | $2.09 | $2.953M | 1.399M |
Buyers (Bids)
| No. | Vol. | Price($) |
|---|---|---|
| 3 | 62822 | $2.09 |
Sellers (Offers)
| Price($) | Vol. | No. |
|---|---|---|
| $2.11 | 68446 | 2 |
View Market Depth
| Last trade - 16.10pm 07/10/2024 (20 minute delay) ? |
| RMS (ASX) Chart |