Here’s why the Northern Star share price is smashing the ASX 200 on Friday

woman blowing gold glitterwoman blowing gold glitter

The Northern Star Resources Ltd (ASX: NST) share price is trading 4.6% higher at $8.56 today, despite no news from the gold miner.

That compares very favourably with the S&P/ASX 200 Index (ASX: XJO), which is currently down 2.3%.

Meanwhile, gold has lunged back to a key support level and is now trading at US$1,846 per troy ounce, still up 4.73% for the last 12 months.

The ASX 200 share has tracked gold closely over the past five days, as seen below.

TradingView Chart

What’s up with Northern Star share price?

Investors have pushed the Northern Star share price off a three-month low of $7.98 on 15 June. Today’s gain is a continuation of that short-term trend.

Both the S&P/ASX 200 Materials Index (ASX: XMJ) and the S&P/ASX 300 Metals & Mining Index (ASX: XMM) have slipped lower today, each almost 3% in the red on last check.

Gold has also spiked from its three-month low, having jumped more than 2% in the last two days.

Despite sliding from highs of US$2,052 per troy ounce on 8 March, it is one of the only asset classes to remain above water in 2022, on a 12-month basis.

It has traded sideways these past two months, and we’ll have to wait and see where it heads next.

Aussie gold shares also got a markup after bullish notes on the sector from analysts at UBS and Macquarie, The Australian reports.

Zooming out, it’s been less impressive for the Northern Star share price, which has cycled downwards by 10% over the past last six months.

Should today’s upward trend continue, it could break out above a key resistance level and signal a reversal of the downtrend. There are many variables currently at play, however, and forecasting share price moves is a fruitless exercise.

In the last 12 months, the Northern Star share price has slipped more than 16% into the red. It is also down 10% this year to date.

The post Here’s why the Northern Star share price is smashing the ASX 200 on Friday appeared first on The Motley Fool Australia.

Wondering where you should invest $1,000 right now?

When investing expert Scott Phillips has a stock tip, it can pay to listen. After all, the flagship Motley Fool Share Advisor newsletter he has run for over ten years has provided thousands of paying members with stock picks that have doubled, tripled or even more.* Scott just revealed what he believes could be the “five best ASX stocks” for investors to buy right now. These stocks are trading at near dirt-cheap prices and Scott thinks they could be great buys right now

See The 5 Stocks
*Returns as of January 12th 2022

(function() {
function setButtonColorDefaults(param, property, defaultValue) {
if( !param || !param.includes(‘#’)) {
var button = document.getElementsByClassName(“pitch-snippet”)[0].getElementsByClassName(“pitch-button”)[0];
button.style[property] = defaultValue;
}
}

setButtonColorDefaults(“#43B02A”, ‘background’, ‘#5FA85D’);
setButtonColorDefaults(“#43B02A”, ‘border-color’, ‘#43A24A’);
setButtonColorDefaults(“#fff”, ‘color’, ‘#fff’);
})()

More reading

Motley Fool contributor Zach Bristow has no position in any of the stocks mentioned. The Motley Fool Australia’s parent company Motley Fool Holdings Inc. has no position in any of the stocks mentioned. The Motley Fool Australia has recommended Macquarie Group Limited. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Scott Phillips.

from The Motley Fool Australia https://ift.tt/QpCYB0n

Leave a Reply

Fill in your details below or click an icon to log in:

WordPress.com Logo

You are commenting using your WordPress.com account. Log Out /  Change )

Twitter picture

You are commenting using your Twitter account. Log Out /  Change )

Facebook photo

You are commenting using your Facebook account. Log Out /  Change )

Connecting to %s