Gold prices touched their highest intra-day level of the year on Friday, temporarily topping $1,300 an ounce before pulling back to settle unchanged on the day.
Gold had traded up to $1,303 for the first time in 2017, getting a lift from safe-haven demand on the back of weakness in global equities, a terrorist attack in Barcelona and concerns about President Trump’s pro-business political agenda.
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Despite the late pull back into the weekend, the technical picture in Gold looks constructive. On a “measured move” basis, the break above $1300 points to the November highs near $1340.00 as the next area of resistance.
We still prefer the long side of NCM, along with smaller-cap miners EVN, SAR and NST.
Our medium-term price target for NCM is $23.10 and $2.80 for EVN.
Spot Gold
Newcrest Mining
Evolution Mining
