Skip to Content

Avesoro looks poised to ride the next gold price wave (ASO)

We have covered gold producer Avesoro Resources (LSE:ASO) a number of times, last highlighting it as a potential mover 2-weeks ago. The stock price has taken another look above the current trend channel today and bumped its head on the 50 Day Moving Average (50 DMA) at 265p. A close above the moving average would bode very well for a further climb from here.

 

The gold price has been dropping against a rally of the US Dollar, and a headwind of seasonal price weakness (as discussed recently in my article here).

 

The US Dollar Index appears to have hit resistance, so a recovery in precious metal prices could be on the cards over the next few weeks. This factor, combined with Avesoro’s strong fundamentals and potential technical chart set-up, might offer a good opportunity to ride the next gold price wave.

Author: Stuart Langelaan

Disclosure: The Author owns shares in the company mentioned above

Related Articles

Headlines

teathers app screenshot

App Empowering Private Investors

Crowd Equity for Placings, IPOs and Live Market Blockbuilds, designed to give provate investors access to placements and Intial Public Offerings (IPOs), predominantly on the London Stock Exchange’s Alternative Investment Market (AIM).