EVN closed up +5.1% on Monday, enjoying the wave of buying which washed through the Gold Sector, e.g. Bellevue Gold (BGL) +4.8% and Regis Resources (RRL) +3.4%. Gold pulled back in Asia yesterday after rallying on Friday night, but buying felt offshore in nature as buyers repeatedly took out the offers, we may have a central bank that’s considering hiking this afternoon, but as we mentioned earlier, overseas markets are now focusing on rate cuts in 2024, i.e. a bullish backdrop for gold.
- We are looking for EVN to trade through $4 and test $4.50 into 2024 as lower yields fuel optimism towards precious metals.
MM is bullish toward EVN ~$3.70
Add To Hit List
