Australian gold sector firing at just the right time
It’s been a challenging few years for gold miners in Australia but the group now looks poised to capitalise on record prices.
Six-month spot gold prices.
Spot gold traded at a three-month high hitting $1,329.60 per ounce.
Gold has not traded well above $1,320 since April.
Kitco’s Jim Wyckoff attributed the uptick to technical traders and bargain hunters.
“Perceived bargain hunting by traders and investors has also been prevalent in gold and silver recently,” says Wyckoff.
“Gold market bulls have the overall near-term technical advantage and have gained fresh upside momentum early this week. Prices are in a four-week-old uptrend on the daily bar chart.
“The gold bulls’ next upside near-term price breakout objective is to produce a close above solid technical resistance at $1,350.00.”
Silver had a high of $21.27 per ounce.
The important US job’s report will be released on Thursday, a day early due to July 4 celebrations.
