Subscribe for 12 months with recurring billing - $199

Buy 12 months of subscription time - $199

 

Search Gold Prices
Gold Price
[Most Recent Quotes from www.kitco.com]
Our RSS Feed

Gold Updates by Mail

Enter your email address:

Follow Us on Twitter
« Overbought Banks Worth a Punt | Main | High River Gold Mines Update 07 August 2009 »
Thursday
Aug062009

Kinross Gold Corp (KGC): Ascending Triangle Formation

Kinross Gold Corp (KGC): Ascending Triangle Formation

Chart courtesy of Stockcharts


After hitting a resistance level and dropping multiple times, we have noticed that there may now be an ascending triangle formation appearing on Kinross Gold Corp. (KGC)

As one can see from the chart above, KGC has reached the level just below $21 twice and fallen back sharply, and now it is there again, closing today at $20.57.

Of course if KGC breaks up and out of the ascending triangle formation then it could go on a run, however we think that it is likely Kinross could break down out of this channel, given that there does not appear to be any fundamentals that could fuel a break up. Gold and gold stocks are looking slightly overbought, not to the point where we want to dump every share we own and go short, but enough to stop us from adding to any of our gold holdings at the moment and make us think about insurance polices and the possibility of short term trades. (See recent SLW post).

We will see how this one pans out, but we will certainly not be adding to any gold positions at the moment, and would not be surprised if KGC falls below $18 before it breaks the $21 resistance.

Kinross Gold Corporation trades on the Toronto stock Exchange under the symbol of ‘K’ and on the New York Exchange under the symbol of ‘KGC’ Kinross has a market capitalization of $14.29 billion, with average turnover of 4.99 million shares and closed today at $20.57.


Got a comment? Fire it in below!

To stay updated on our market commentary, which gold stocks we are buying and why, please subscribe to The Gold Prices Newsletter, completely FREE of charge. Simply click here and enter your email address.

For those readers who are also interested in the silver bull market that is currently unfolding, you may want to subscribe to our Free Silver Prices Newsletter.

For those readers who are also interested in the nuclear power sector that is currently coming back to life, you may want to subscribe to our Free Uranium Stocks Newsletter, just click here.

PrintView Printer Friendly Version

EmailEmail Article to Friend

Reader Comments (1)

Thanks Guys.. I sold yesterday. Will re-enter later. Any thoughts On IAG ...there earnings and continued strength?

August 7, 2009 | Unregistered CommenterGAry

PostPost a New Comment

Enter your information below to add a new comment.

My response is on my own website »
Author Email (optional):
Author URL (optional):
Post:
 
Some HTML allowed: <a href="" title=""> <abbr title=""> <acronym title=""> <b> <blockquote cite=""> <code> <em> <i> <strike> <strong>