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Johannesburg - Shares in gold producers rallied on Thursday on what appeared to be technical factors after charts showed they had been oversold, analysts said.
Africa's top bullion producer AngloGold Ashanti [JSE:ANG] was almost 5% higher at R220.85 at 09:30 while smaller rivals Gold Fields [JSE:GFI] and Sibanye [JSE:SGL] both climbed over 5%. Harmony Gold [JSE:HAR] was up 3.5%.
The 14-day RSI, a measure of momentum watched by technical analysts, of all four shares have in recent days strayed below the oversold level of 30.
Africa's top bullion producer AngloGold Ashanti [JSE:ANG] was almost 5% higher at R220.85 at 09:30 while smaller rivals Gold Fields [JSE:GFI] and Sibanye [JSE:SGL] both climbed over 5%. Harmony Gold [JSE:HAR] was up 3.5%.
The 14-day RSI, a measure of momentum watched by technical analysts, of all four shares have in recent days strayed below the oversold level of 30.
