Gold producer and explorer ALK surged higher last week along with other ASX precious metal names. Following the soft US Jobs report, the dial appears to have turned towards interrelated bonds and gold, and while this week’s US CPI is another hurdle for the space we like the risk/reward around last week’s close.
- We are bullish towards ALK, looking for an initial test of $1.80, or +15% higher.
Trade Idea: Buy Alkane Resources using a limit of $1.55, with stops at $1.41, around 9% risk.
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