Last Updated :
22 July 2009 at 09:25 IST
Gold stocks waiting for big surge
Yellow-metal stocks are readying for a big advance, according to some traders and analyst. Technical analysts Ron Meisels and Olaf Sztaba of the NA Marketletter have written that the bland behaviour of the stocks should not draw attention away from the larger, more bullish picture, especially since golds take extra time to build bases for future advances.
“The current consolidation [the longer the better] is part of a base-building process which usually results in a major move at a later date,” they wrote in a note. They figure that the build-up of pessimism should reach its zenith “just in time” for a year-end rally in the stocks.
The first indication of such a move would be a stabilisation in the majors like Barrick Gold Corp. and Newmont Mining Corp. In fact, a significant number of gold stocks have been developing bullish, multi-month base-formations which, if realised, could result in noticeable up-moves, they wrote, citing Gammon Gold Inc., Alamos Gold Inc. and Royal Gold Inc. as examples.
Courtesy: Gold Investing News
NCDEX TURMERICNIZAMABADJUN12 20 June 2012
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