Gold and Silver Circling Whilst Barrick Takes Out Prior High
Commodities / Gold & Silver Stocks Feb 01, 2011 - 11:18 AM GMTBy: Mike_Paulenoff
Gold and Silver prices are circling unchanged today, but the precious metals miners are acting well. Barrick Gold Corp. (NYSE: ABX) just took out its prior high at 48.42 from Jan 28, and although there is no upside follow-through just yet, my near-term pattern work and momentum oscillators point to 50.50-51.00 next.
At this juncture, only a sudden plunge that breaks below the rising 200 DMA, now at 46.20, will begin to meaningfully compromise my bullish near-term outlook for ABX.
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By Mike Paulenoff
Mike Paulenoff is author of MPTrader.com (www.mptrader.com), a real-time diary of his technical analysis and trading alerts on ETFs covering metals, energy, equity indices, currencies, Treasuries, and specific industries and international regions.
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