The next leg up the ladder?
Got back from celebration, load up bloomberg and got a shock when i see Gold prices at 825. I still have alot of friends not understanding Gold fundamentals and find it hard to fathom such expensive prices for a metal that has limited industrial purposes.
Technically, We are poised for another leg of upward move.
[singlepic=56,480,300]
RSI and broke its downtrend and looks sustainable. Short term traders should continue to monitor.
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HUI has been successfully supported by the 370 support level and cleared 394. RSI has also broken the downtrend.
A note for those using UOB Gold and General for exposure to Gold mining stocks. Since the new fund manager took over, results has been pretty stale. A 2% move in Hui result in only a 1% appreciation. We do not know if this and an earlier case is one off, but we should be looking for diversity to mitigate active management risk. I am vested in FS Global Resources as well, though that is not a solid holding as well.
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