| Ticker | Status | Jurisdiction | Filing Date | CP Start | CP End | CP Loss | Deadline |
|---|
| Ticker | Case Name | Status | CP Start | CP End | Deadline | Settlement Amt |
|---|
| Ticker | Name | Date | Analyst Firm | Up/Down | Target ($) | Rating Change | Rating Current |
|---|
The price of gold has surged recently amid hesitation across major indexes. On Tuesday, it approached a critical resistance zone at the $1,900 mark.
Currently trading down about 8% from its August all-time high of $2,075 and up 13% from its March low of $1,678, a move above the $1,900 level could give gold a chance to run back toward $2,000 an ounce.
Summer is also a typically strong season for precious metals and if gold can make a close above its overhead resistance, the smart money may start to enter into miners.
Barrick Gold Corp (NYSE:GOLD), Kirkland Lake Gold Ltd (NYSE:KL) and Newmont Corporation (NYSE:NEM) are among some of the largest mining stocks that may benefit from higher gold prices.
See Also: 3 Stocks To Consider For The Gold Rally
The Gold Chart: On Tuesday afternoon, gold prices rose just under 1% and wicked just under $1,900. Gold is trading above both the eight-day and 21-day exponential moving averages (EMAs), with the eight-day EMA trending above the 21-day EMA, which are both bullish indicators.
Gold is also trading above the 200-day simple moving average which indicates overall sentiment in the precious metal is bullish.
Gold has traded between support at $1,863 and resistance at $1,900 for the last seven trading days, not closing below its support and also not able to pop over resistance.
Gold’s relative strength index (RSI) is registering up at 76%, which indicates it is in the overbought zone. Traders and investors may want to see gold’s RSI drop back below the more comfortable 70% level to feel more confident in a larger move to the upside. A consolidation period after today’s move would help to cool gold’s RSI.
Bulls want to see gold close about the important $1,900 level for a move up back toward $1,943. If gold could clear that level and use it as support, it has room to trade back near $1,980.
Bears want to see gold continue to reject its overhead resistance and for it to fall back toward support at $1,863. If gold was unable to hold that level as support it could revisit the $1,831 mark.
(Photo by Jingming Pan on Unsplash)
