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S&P/ASX200 Calls Favoured As Top Miners Soar -

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    • S&P/ASX200 Calls Favoured As Top Miners Soar
Jun, 06th 07:06

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Australian shares face a cautious start after surprisingly weak U.S. jobs growth in May spooked Wall Street on Friday and sent the U.S. dollar down. However mining stocks have helped boost the market, as base metals and gold prices rose against the lower dollar. Over the weekend, gold prices jumped around 2.7% following the worse-than-expected US jobs report, and iron ore has soared 3.9% in welcome news for top miners. On the hourly chart, the Australian benchmark (currently at 5363.40) continues to gain without any hesitation. ADX is rising to 33.62, suggesting that the uptrend is overwhelming. The stochastic shows the index is hovering in the overbought zone. However both %K and %D lines have not yet turned down, indicating that the selling force has not taken over yet; a further rise is thus expected.

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