Ahead of the latest Fed meeting and CPI inflation figures in the US, spot gold, as you might well know, was wavering, falling well back below the hallowed ground of US$2,000.

Thanks for the leg-up, Jerome Powell and pals over at the Federal Reserve. Because the yellow metal appears to be back on track.

Maybe it’ll be angling for another personal best soon, although its recent all-time-high of US$2,148 is still a ways off.

At the time of writing, gold is changing hands for US$2,037 and in you-beaut, plastic-fantastic Aussie currency: $3,033.

Here’s how the S&P/ASX All Ords Gold (XGD) index responded on Thursday – up +5.34% at yesterday’s closing bell:

Source: Market Index

And this is the XGD over a longer run. “There’s legs, you’d reckon,” said Stockhead‘s Christian Edwards. Pretty sure he was talking about the gold charts…

Source: Market Index

And just for good measure, here’s gold’s worm chart over the past 20 years…

Via abcbullion.com.au

 

Just a recap on what Powell and co said, and did, before we delve around for some subsequent hot takes on gold’s direction from here.

The US Fed decided to leave interest rates unchanged again this month, and its projections for interest rates next year have taken a pivot for the positive.

The Fed now sees a total of 75 basis points of rate cuts coming in 2024 from three separate cuts.

Powell also said  that leaving rates high for a prolonged period may not be the best thing to do.

“Inflation keeps coming down, the labour market keeps getting back into balance and, it’s so far, so good,” he said.

“We’re aware of the risk that we would hang on too long before reducing borrowing rates. We know that’s a risk, and we’re very focused on not making that mistake.”

Meanwhile, the “old relic” (not Powell) is chasing the sun, according to ‘StockShaman’ – he of ’39 years of mining experience’… He meant round-the-clock trading into Asia, but we could just as easily take it to mean the precious metal is trending higher.

In fact, we’re running with the latter because, for the moment it’s true and, frankly, it works just fine with the pic we’ve chosen for the story.

 

Golden cross still in play, RSI indicates ‘more gains’

Meanwhile, the bullish golden cross we mentioned last week that was potentially forming for gold – various pundits of various levels of prominence are calling for it again…

According to analysts at FXStreet, the gold price outlook “appears constructive”, with the 1D technical setup flipping bullish and a perfect retest off the 50-day Simple Moving Average before bouncing above the “critical” 21-day SMA midweek.

Critical, because it took the precious metal back above US$2,000 again.

And RSI (relative strength index) fans will like this – FXStreet analyst Dhwani Mehta notes:

“The 14-day Relative Strength Index (RSI) indicator is holding steady, having recaptured the 50 level. The indicator suggests that more gains remain in the offing,”

But adds:

“Should Gold price face rejection once again near the $2,050 region, a renewed selling wave could set in, with the 50-day SMA support now at $2,012 back in sight.”

And, according to Reliance Group’s moneycontrol.com financial site, a whole range of technical indicators – including moving averages and their crossovers, along with RSI, MACD and Bollinger Bands – are flashing bullish to “very bullish”, particularly on weekly and monthly timeframes…

Source: moneycontrol.com

 

 

Winners & Losers

Here’s how ASX-listed precious metals stocks are performing:

Scroll or swipe to reveal table. Click headings to sort. Best viewed on a laptop. Information accurate circa 5pm Thursday.

Stocks missing from this list? Email [email protected] 

Code Company Price % Week % Month Market Cap
MRR Minrex Resources Ltd 0.017 0% 13% $17,357,880
NPM Newpeak Metals 0.018 13% -82% $1,599,228
ASO Aston Minerals Ltd 0.027 -7% -16% $38,851,928
MTC Metalstech Ltd 0.135 -7% 13% $24,564,097
FFX Firefinch Ltd 0.2 0% 0% $236,569,315
GED Golden Deeps 0.045 -6% -21% $4,967,461
G88 Golden Mile Res Ltd 0.019 -5% -24% $6,258,401
DCX Discovex Res Ltd 0.0015 0% -25% $4,953,852
NMR Native Mineral Res 0.027 8% -21% $5,663,264
AQX Alice Queen Ltd 0.005 -29% -58% $1,327,908
SLZ Sultan Resources Ltd 0.016 7% 7% $2,222,851
MKG Mako Gold 0.01 11% -29% $6,624,094
KSN Kingston Resources 0.088 -2% 5% $43,820,641
AMI Aurelia Metals Ltd 0.1 -9% 0% $177,425,577
PNX PNX Metals Limited 0.004 33% 0% $21,522,499
GIB Gibb River Diamonds 0.03 -12% -12% $6,345,283
KCN Kingsgate Consolid. 1.34 -3% 19% $333,788,441
TMX Terrain Minerals 0.004 -20% 0% $6,767,139
BNR Bulletin Res Ltd 0.12 4% -23% $35,233,599
NXM Nexus Minerals Ltd 0.049 -6% 29% $19,063,946
SKY SKY Metals Ltd 0.035 -3% -13% $16,148,933
LM8 Lunnonmetalslimited 0.695 7% -3% $151,939,369
CST Castile Resources 0.08 8% 33% $18,626,487
YRL Yandal Resources 0.09 0% 64% $21,125,354
FAU First Au Ltd 0.003 50% 50% $4,985,980
ARL Ardea Resources Ltd 0.485 11% -9% $99,323,477
GWR GWR Group Ltd 0.088 7% 4% $28,267,066
IVR Investigator Res Ltd 0.039 -17% 5% $56,049,631
GTR Gti Energy Ltd 0.008 7% 14% $16,399,577
IPT Impact Minerals 0.01 0% -17% $25,782,335
BNZ Benzmining 0.24 -14% -25% $26,810,754
MOH Moho Resources 0.009 0% 13% $4,287,529
BBX BBX Minerals Ltd 0.023 0% -12% $16,221,104
PUA Peak Minerals Ltd 0.0035 0% 17% $3,644,818
MRZ Mont Royal Resources 0.155 -3% -6% $13,179,618
SMS Starmineralslimited 0.035 -5% -8% $2,657,298
MVL Marvel Gold Limited 0.011 38% 0% $8,637,907
PRX Prodigy Gold NL 0.008 -11% 0% $14,008,863
AAU Antilles Gold Ltd 0.02 -9% -13% $17,932,299
CWX Carawine Resources 0.12 0% 14% $28,335,054
RND Rand Mining Ltd 1.37 0% 1% $77,351,307
CAZ Cazaly Resources 0.029 -6% -12% $12,729,817
BMR Ballymore Resources 0.135 -10% 4% $25,226,150
DRE Dreadnought Resources Ltd 0.031 -3% -9% $103,708,359
ZNC Zenith Minerals Ltd 0.165 18% -11% $54,619,037
REZ Resourc & En Grp Ltd 0.014 0% -7% $6,997,281
LEX Lefroy Exploration 0.165 -3% -3% $34,352,807
ERM Emmerson Resources 0.057 -3% -3% $31,048,458
AM7 Arcadia Minerals 0.078 -15% -12% $8,069,707
ADT Adriatic Metals 3.25 -2% 2% $674,782,444
GMR Golden Rim Resources 0.012 -8% -33% $7,099,060
CYL Catalyst Metals 0.96 -8% 16% $202,544,940
CHN Chalice Mining Ltd 1.605 -2% 2% $581,500,139
KAL Kalgoorliegoldmining 0.026 4% -7% $4,121,019
MLS Metals Australia 0.034 3% -6% $20,593,194
ADN Andromeda Metals Ltd 0.022 10% -12% $68,420,186
MEI Meteoric Resources 0.215 5% -9% $399,422,788
SRN Surefire Rescs NL 0.01 0% 11% $18,367,531
WA8 Warriedarresourltd 0.056 -10% -5% $27,052,361
HMX Hammer Metals Ltd 0.052 -2% 8% $44,320,367
WCN White Cliff Min Ltd 0.01 -9% -9% $12,765,593
AVM Advance Metals Ltd 0.003 0% -25% $2,377,897
WRM White Rock Min Ltd 0.063 0% 0% $17,508,200
ASR Asra Minerals Ltd 0.008 7% -43% $13,031,966
MCT Metalicity Limited 0.002 0% 0% $8,970,108
AME Alto Metals Limited 0.041 -7% -7% $29,503,604
CTO Citigold Corp Ltd 0.005 0% 0% $14,368,295
TIE Tietto Minerals 0.62 1% 6% $683,462,723
SMI Santana Minerals Ltd 0.945 19% 29% $162,715,830
M2R Miramar 0.027 42% 23% $3,572,869
MHC Manhattan Corp Ltd 0.004 0% 0% $11,747,919
GRL Godolphin Resources 0.038 0% 9% $6,431,197
TRY Troy Resources Ltd 0 -100% -100% $62,920,961
SVG Savannah Goldfields 0.044 -8% -14% $8,819,370
EMC Everest Metals Corp 0.081 -4% -17% $13,715,781
GUL Gullewa Limited 0.055 0% 0% $10,822,521
CY5 Cygnus Metals Ltd 0.125 -14% -19% $36,444,892
G50 Gold50Limited 0.125 -4% -4% $13,661,250
ADV Ardiden Ltd 0.16 -16% -26% $10,315,388
AAR Astral Resources NL 0.076 -5% -5% $61,068,510
MGV Musgrave Minerals 0 -100% -100% $230,571,100
VMC Venus Metals Cor Ltd 0.115 10% 15% $21,818,799
NAE New Age Exploration 0.006 -14% -14% $10,763,393
VKA Viking Mines Ltd 0.012 -8% 20% $12,303,101
LCL LCL Resources Ltd 0.017 -11% -32% $15,218,345
MTH Mithril Resources 0.002 0% 0% $6,737,609
ADG Adelong Gold Limited 0.005 -9% -23% $3,398,278
RMX Red Mount Min Ltd 0.004 33% -20% $10,694,304
PRS Prospech Limited 0.03 -3% 50% $7,401,166
TTM Titan Minerals 0.028 4% -11% $43,192,226
NML Navarre Minerals Ltd 0.019 0% 0% $28,555,654
MZZ Matador Mining Ltd 0.052 -16% 33% $22,423,014
KZR Kalamazoo Resources 0.098 -22% -18% $16,451,469
BCN Beacon Minerals 0.027 0% 0% $97,675,972
MAU Magnetic Resources 1 -6% 6% $252,007,278
BC8 Black Cat Syndicate 0.26 -4% 0% $77,460,162
EM2 Eagle Mountain 0.067 14% 3% $20,432,780
EMR Emerald Res NL 2.8 4% 14% $1,589,418,769
BYH Bryah Resources Ltd 0.012 -11% -37% $5,203,287
HCH Hot Chili Ltd 0.97 -3% -9% $116,459,076
WAF West African Res Ltd 0.92 -3% 16% $867,065,550
MEU Marmota Limited 0.046 -8% 21% $46,587,225
NVA Nova Minerals Ltd 0.36 29% 44% $71,702,587
DCN Dacian Gold Ltd 0 -100% -100% $346,788,267
SVL Silver Mines Limited 0.165 -6% 3% $224,693,143
PGD Peregrine Gold 0.23 -18% -28% $13,871,204
ICL Iceni Gold 0.052 -12% -13% $11,992,857
FG1 Flynngold 0.05 -22% -39% $7,501,042
WWI West Wits Mining Ltd 0.012 -8% -8% $29,164,700
RML Resolution Minerals 0.003 -14% -50% $3,771,875
AAJ Aruma Resources Ltd 0.03 -3% -9% $5,906,745
AL8 Alderan Resource Ltd 0.005 -23% -38% $5,534,307
GMN Gold Mountain Ltd 0.004 -20% -27% $11,345,393
MEG Megado Minerals Ltd 0.025 0% -22% $6,106,933
HMG Hamelingoldlimited 0.075 -9% -11% $11,970,000
TBA Tombola Gold Ltd 0.026 0% 0% $33,129,243
BM8 Battery Age Minerals 0.18 -3% -8% $16,044,640
TBR Tribune Res Ltd 2.7 1% -12% $141,663,808
FML Focus Minerals Ltd 0.17 -3% -8% $48,714,970
GSR Greenstone Resources 0.007 -13% 0% $10,260,851
VRC Volt Resources Ltd 0.007 0% 0% $28,910,747
ARV Artemis Resources 0.019 -10% -41% $32,132,727
HRN Horizon Gold Ltd 0.3 5% 0% $43,451,977
CLA Celsius Resource Ltd 0.014 8% 27% $29,198,672
QML Qmines Limited 0.089 11% 27% $18,772,418
RDN Raiden Resources Ltd 0.035 -10% -26% $82,248,812
TCG Turaco Gold Limited 0.12 0% 103% $64,592,000
KCC Kincora Copper 0.029 12% -3% $4,635,216
GBZ GBM Rsources Ltd 0.011 0% -31% $6,203,218
DTM Dart Mining NL 0.015 -17% -29% $3,413,694
MKR Manuka Resources. 0.096 85% 118% $50,626,806
AUC Ausgold Limited 0.031 -6% 3% $66,588,095
ANX Anax Metals Ltd 0.031 19% 3% $13,465,694
EMU EMU NL 0.001 0% 0% $2,024,771
SFM Santa Fe Minerals 0.043 0% 0% $3,131,208
SSR SSR Mining Inc. 16.16 -7% -11% $378,533,147
PNR Pantoro Limited 0.052 4% 16% $244,589,434
CMM Capricorn Metals 4.56 4% 3% $1,605,232,893
X64 Ten Sixty Four Ltd 0.57 0% 0% $130,184,182
SI6 SI6 Metals Limited 0.005 -9% -29% $10,966,227
HAW Hawthorn Resources 0.097 6% -3% $30,151,405
BGD Bartongoldholdings 0.25 4% 22% $48,884,311
SVY Stavely Minerals Ltd 0.047 -6% -32% $19,097,005
AGC AGC Ltd 0.063 0% 2% $6,000,000
RVR Red River Resources 0 -100% -100% $37,847,908
RGL Riversgold 0.012 -25% 9% $12,366,399
TSO Tesoro Gold Ltd 0.029 12% 61% $32,227,730
GUE Global Uranium 0.091 -4% -24% $19,140,577
CPM Coopermetalslimited 0.335 3% 139% $17,809,582
MM8 Medallion Metals. 0.062 -7% 3% $19,382,054
FFM Firefly Metals Ltd 0.52 -5% 12% $180,380,453
CBY Canterbury Resources 0.028 -15% 17% $4,046,659
LYN Lycaonresources 0.145 -9% -6% $6,608,438
SFR Sandfire Resources 6.62 4% 10% $2,929,321,310
NCM Newcrest Mining 0 -100% -100% $20,880,287,592
TMZ Thomson Res Ltd 0.005 0% 0% $4,881,018
TAM Tanami Gold NL 0.038 6% 9% $43,478,591
WMC Wiluna Mining Corp 0.205 0% 0% $74,238,031
NWM Norwest Minerals 0.027 -10% -17% $7,764,377
ALK Alkane Resources Ltd 0.665 2% 7% $383,182,696
BMO Bastion Minerals 0.013 -13% -19% $2,719,019
IDA Indiana Resources 0.063 3% 9% $38,759,935
GSM Golden State Mining 0.016 -6% -16% $3,821,764
NSM Northstaw 0.061 -6% -27% $8,408,890
GSN Great Southern 0.021 11% -5% $15,092,704
RED Red 5 Limited 0.355 -3% 8% $1,177,144,345
DEG De Grey Mining 1.3 -6% 14% $2,239,966,657
THR Thor Energy PLC 0.028 0% 17% $5,209,017
CDR Codrus Minerals Ltd 0.057 2% -14% $4,998,188
MDI Middle Island Res 0.015 -17% -6% $3,264,810
BAT Battery Minerals Ltd 0.135 297% 207% $11,286,618
POL Polymetals Resources 0.28 -3% -7% $47,932,990
RDS Redstone Resources 0.005 -17% -29% $4,606,892
NAG Nagambie Resources 0.027 -10% -27% $16,288,337
BGL Bellevue Gold Ltd 1.69 -8% 23% $1,872,879,073
GBR Greatbould Resources 0.067 -7% 5% $38,315,981
KAI Kairos Minerals Ltd 0.015 0% -6% $36,692,771
KAU Kaiser Reef 0.17 -3% 6% $25,139,129
HRZ Horizon 0.045 2% 41% $30,142,298
CAI Calidus Resources 0.175 -8% 3% $103,740,291
CDT Castle Minerals 0.009 -10% -14% $11,020,437
RSG Resolute Mining 0.44 -1% 24% $894,201,005
MXR Maximus Resources 0.033 -20% -25% $12,824,231
EVN Evolution Mining Ltd 3.7 3% 2% $7,032,803,247
CXU Cauldron Energy Ltd 0.021 31% 75% $23,775,848
DLI Delta Lithium 0.47 3% -7% $288,752,862
ALY Alchemy Resource Ltd 0.01 0% -9% $11,191,724
HXG Hexagon Energy 0.011 16% 10% $6,667,907
OBM Ora Banda Mining Ltd 0.22 -4% 28% $383,983,846
SLR Silver Lake Resource 1.16 4% 12% $1,037,566,210
AVW Avira Resources Ltd 0.001 -33% -50% $2,133,790
LCY Legacy Iron Ore 0.017 6% 6% $108,916,045
PDI Predictive Disc Ltd 0.225 -4% 10% $466,254,920
MAT Matsa Resources 0.026 0% 0% $12,445,525
ZAG Zuleika Gold Ltd 0.017 -11% 13% $12,513,454
GML Gateway Mining 0.03 20% 46% $9,944,476
SBM St Barbara Limited 0.195 -3% 5% $151,324,520
SBR Sabre Resources 0.025 -14% -31% $9,414,308
STK Strickland Metals 0.16 -3% 7% $244,689,010
ION Iondrive Limited 0.011 -8% -27% $5,349,138
CEL Challenger Gold Ltd 0.067 -7% -8% $81,871,742
LRL Labyrinth Resources 0.007 40% 17% $8,312,806
NST Northern Star 13.18 5% 16% $14,009,005,404
OZM Ozaurum Resources 0.105 5% -25% $15,557,500
TG1 Techgen Metals Ltd 0.084 -9% 42% $7,977,801
XAM Xanadu Mines Ltd 0.052 8% -22% $88,442,675
CHZ Chesser Resources 0 -100% -100% $65,818,414
AQI Alicanto Min Ltd 0.035 -10% -26% $22,152,125
KTA Krakatoa Resources 0.04 5% 5% $18,884,289
ARN Aldoro Resources 0.083 0% 0% $11,173,771
WGX Westgold Resources. 2.18 1% 9% $1,008,816,415
MBK Metal Bank Ltd 0.033 18% 22% $12,630,217
A8G Australasian Metals 0.15 7% -14% $7,818,074
TAR Taruga Minerals 0.011 0% 16% $7,766,295
DTR Dateline Resources 0.009 -18% -25% $13,129,455
GOR Gold Road Res Ltd 1.945 1% 8% $1,956,974,244
S2R S2 Resources 0.185 -3% 0% $73,922,674
NES Nelson Resources. 0.004 0% 0% $2,147,580
TLM Talisman Mining 0.22 10% 29% $43,313,680
BEZ Besragoldinc 0.125 -19% 9% $56,443,622
PRU Perseus Mining Ltd 1.865 -2% 10% $2,444,943,842
SPQ Superior Resources 0.016 -24% -27% $29,352,860
PUR Pursuit Minerals 0.008 0% -20% $23,551,771
RMS Ramelius Resources 1.64 1% 4% $1,773,375,207
PKO Peako Limited 0.005 0% 0% $2,635,424
ICG Inca Minerals Ltd 0.009 0% -44% $5,259,920
A1G African Gold Ltd. 0.031 -11% 0% $5,248,648
OAU Ora Gold Limited 0.006 0% 0% $33,736,928
GNM Great Northern 0.02 0% -9% $3,092,582
KRM Kingsrose Mining Ltd 0.041 -7% -15% $30,853,587
BTR Brightstar Resources 0.015 7% 15% $32,548,940
RRL Regis Resources 2.04 7% 17% $1,435,143,735
M24 Mamba Exploration 0.044 33% 47% $2,317,367
TRM Truscott Mining Corp 0.06 0% 2% $10,402,024
TNC True North Copper 0.11 -8% -27% $34,554,298
MOM Moab Minerals Ltd 0.007 0% 8% $4,983,744
KNB Koonenberrygold 0.041 46% 14% $5,268,960
AWJ Auric Mining 0.067 -4% 3% $8,767,593
AZS Azure Minerals 3.59 1% -10% $1,637,486,083
ENR Encounter Resources 0.27 -7% -30% $104,585,203
SNG Siren Gold 0.049 -2% -17% $7,947,590
STN Saturn Metals 0.16 0% 14% $33,466,231
USL Unico Silver Limited 0.11 -8% 5% $32,565,675
PNM Pacific Nickel Mines 0.09 1% -18% $35,551,514
AYM Australia United Min 0.002 0% -33% $3,685,155
ANL Amani Gold Ltd 0.001 0% 0% $25,143,441
HAV Havilah Resources 0.26 -4% 2% $83,909,391
SPR Spartan Resources 0.475 -3% 3% $415,017,469
PNT Panthermetalsltd 0.06 0% -20% $5,101,500
MEK Meeka Metals Limited 0.04 -9% 11% $49,388,357
GMD Genesis Minerals 1.75 -7% 23% $1,822,602,466
PGO Pacgold 0.1875 -6% -4% $15,987,634
FEG Far East Gold 0.15 -3% -3% $25,284,869
MI6 Minerals260Limited 0.295 2% -6% $71,370,000
IGO IGO Limited 8.37 7% -5% $5,694,653,954
GAL Galileo Mining Ltd 0.235 -16% -15% $49,406,232
RXL Rox Resources 0.185 -5% -10% $68,330,538
KIN KIN Min NL 0.066 8% 18% $70,689,033
CLZ Classic Min Ltd 0.001 0% 0% $12,357,082
TGM Theta Gold Mines Ltd 0.115 -12% -12% $81,313,626
FAL Falconmetalsltd 0.14 -3% 4% $25,222,500
SXG Southern Cross Gold 1.16 12% 33% $100,862,298
SPD Southernpalladium 0.32 -3% -16% $13,785,065
ORN Orion Minerals Ltd 0.015 15% -12% $81,830,486
TMB Tambourahmetals 0.125 0% -11% $10,782,246
TMS Tennant Minerals Ltd 0.037 0% 32% $29,617,903
AZY Antipa Minerals Ltd 0.014 0% -7% $53,752,503
PXX Polarx Limited 0.007 0% 0% $11,477,317
TRE Toubaniresourcesinc 0.15 7% 30% $18,741,193
AUN Aurumin 0.022 -8% -8% $7,005,748
GPR Geopacific Resources 0.021 5% 17% $14,790,913
FXG Felix Gold Limited 0.042 -14% -14% $4,985,669
ILT Iltani Resources Lim 0.14 0% 4% $4,761,471
ARD Argent Minerals 0.011 0% 38% $12,968,793
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Best-performing goldies over the past week

The week’s biggest gains 🚀

Battery Minerals (ASX:BAT) +297% (Why’s BAT been pumping? Reubs knows. Read this.) 

Manuka Resources (ASX:MKR) +85%

First Au (ASX:FAU) +50%

Koonenberry Gold (ASX:KNB) +46% (Visible gold sighted at Bellagio prospect, NSW. Read.)

Miramar Resources (ASX:M2R) +42%

 

A couple more things before we go, including this…

… and this… While you may well not be into Bitcoin (or do you have some “Gold 2.0” as a hedge?), we still found this interesting.