Evolution Mining is a leading, growth-focused Australian gold miner that operates 5 wholly-owned mines – 4 in Australia and 1 in Ontario, Canada.
“The gold price has been recovering recently, helped by inflationary fears and a lower US dollar,” Michael said. “There are plenty of gold companies to choose from on the ASX, but if we stick to the largest businesses, then EVN is the one that has the best-looking chart,” he added.
“Since the lows in March, EVN’s share price has trended higher in a way that looks very sustainable.
“A few weeks ago, it came up against some very strong resistance near $4.80 but managed to break through that convincingly.
“Other large gold stocks such as Newcrest and Northern Star are also trading well, but at this point in time, it’s EVN that seems to be stretching its legs the most.
“From a charting perspective, I expect EVN to be back into the mid $6’s in the next several weeks or so,” Michael said.
Important: This content has been prepared without taking account of the objectives, financial situation or needs of any particular individual. It does not constitute formal advice. Consider the appropriateness of the information in regard to your circumstances.