The local market dropped yesterday after the latest GDP numbers came in slightly higher than expected and the banks dropped around 3 per cent on the day. The index closed 1.8 per cent lower and is up around half that loss today. US jobs numbers due out Friday night could send markets either way.
The price of gold has moved up and out of the multi-month consolidation pattern.
The Commonwealth Bank has again bounced up from these $165 levels. Can this support zone hold, or will lower prices prevail?
BHP has moved up from the lows and above the down trend line and is close to moving above a resistance zone.
KFC franchise owner Collins Foods shares rose after their latest update.
Data#3 is back above the $8 support and resistance zone.
Zimplats has moved above the downtrend line and could be forming an ABC type pattern.
4DMedical has been on a tear, up from 30 cents in early August to over $1.40 today on the back of good news from the US FDA. The stock is up over 150 per cent this week so far.
Can Rox Resources finally break through the forty cents barrier?
This gold production outlook for some of the bigger miners comes from Macquarie and shows Northern Star leading the way.
The slow decline of the US dollar is helping international gold miners and gas producers. Graphic from All-Star charts.
This chart from All Star charts shows one possible target for the price of gold after the precious metal moved up and out of the three-month sideways consolidation.
This chart shows the ratio between the S@P 500 index and the price of gold could be entering a period of gold dominance.
Disclaimer: The commentary on different charts is for general information purposes only and is not an invitation to trade. Trading is risky and individuals should seek Professional counsel before making any financial decisions. Many thanks to Incredible Charts.com software for most of the charts used in the column. Cheers Charlie.
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