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Note from the MD: ASX buoyed by Wall Street & encouraging interest rate signals

The ASX continued to take its cues from Wall Street, which experienced a five week rally, but faded overnight (20.06.23).
The ASX continued to take its cues from Wall Street, which experienced a five week rally, but faded overnight (20.06.23). Local shares have also been bolstered by China’s interest rate cuts and the US’ decision to leave theirs unchanged. There’s also been positive signs from the Reserve Bank of Australia (RBA), with ‘dovish’ minutes from its June 6 meeting indicating the RBA almost left rates on hold, describing their eventual decision to raise them as ‘finely balanced’. Those signals from the RBA, combined with the encouraging movements from the US and Chinese central banks, have given traders hope that global monetary policy may be taking a less aggressive stance. Across the ASX 200, 10 of 11 sectors ended yesterday’s session higher, combining to deliver the longest winning streak since early April. The Energy and Materials sectors continued strong gains over the last week. With the much vaunted mortgage cliff approaching, the 880,000 Australian households with fixed-rate mortgages expiring this year will be hoping for some relief when the RBA meets next month – as will retailers and the market at large. The ASX 200 (XJO) has moved higher in the last 7 sessions running up to multi-month strong resistance at 7364. It has been a strong move off the 200-day MA.  With the move higher volatility has dropped further to an IV Rank of 7. The index has failed to sustain a break above this multi month resistance since early January 2023. If the index broke above this level and closed above for more than 2 sessions it could be expected to move higher in a new breakout pattern. If the XJO fails at this level it could reverse lower and test 50 and 200-day MA again.  Traders looking to take advantage of this possible breakout/reversal could look to buy volatility (long calls or puts) as an additional hedge to possibly find profits if volatility rises with a large move in either direction.  Gold remains a solid performer for the year, up more than 5% between 3rd January and 20th June. Tomorrow, Thursday, 22nd June at 12pm (AEST) we are hosting a live investor briefing with Felix Gold Ltd (ASX: FXG), a gold discovery business operating in the world-class Fairbanks Gold District in Alaska. Managing Director and CEO Anthony Reilly will join us to talk through the company’s multi-million ounce exploration target and its strategic location near Tier 1 and growing gold mines. Anthony, who has 35 years’ experience across mineral exploration and development and the global finance industry, will discuss the significance of Felix Gold’s recent exploration successes including the potential to host up to 3.6Moz of gold in its NW Array alone. He will also talk about the outlook of this deposit feeding the mill of the adjacent Fort Knox mine whose ~US$5 billion owner Kincross is actively seeking M&A opportunities. Click here to book your spot or request the replay. Past performance is not a reliable indicator of future performance. Reach Corporate provides Corporate Advisory Services, including managing investor communications on behalf of Felix Gold Ltd and may receive fees for its services.
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General Advice Warning

Any advice provided by Reach Markets including on its website and by its representatives is general advice only and does not consider your objectives, financial situation or needs, and you should consider whether it is appropriate for you. This might mean that you need to seek personal advice from a representative authorised to provide personal advice. If you are thinking about acquiring a financial product, you should consider our Financial Services Guide (FSG)

including the Privacy Statement and any relevant Product Disclosure Statement or Prospectus (if one is available) to understand the features, risks and returns associated with the investment.

Please click here to read our full warning.

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