Aussie Gold Stocks – Wait for cheaper prices
June 18, 2020 Leave a comment
There will be a time to own Gold, but it’s NOT now.
Away from the fintech and infotech stocks, one of the hottest sectors on the Australian Stock Exchange (ASX) has been shares in gold companies.
But I see enough divergences along with my analysis which suggest “look out below” as I expect lower stock prices.
Already stocks such as Saracen Minerals (SAR:ASX) have “stealthily” declined 18% over the past month and understandably so. On May 26, 2020, the stock (then $5.60) was trading at 149% above its weekly 200 day moving average.
For those interested in owning ASX listed gold companies, perhaps consider these entry prices for these selected stocks.
SAR, currently $4.56, Buy at $3.23
EVN, currently $5.27, Buy at $4.55 and preferably $3.94
NST, currently $13.11, Buy at $11.55 and optimally $10.84
RSG, currently $1.03, Buy at $0.85, while $0.69 is a bit far-fetched but it won’t hurt placing an order.
As always, do you own work, seek advice, see my disclaimer and I haven’t taken the readers personal circumstance into account when writing this.
