Randgold Resources Limited (GOLD) has been taking a battering lately along with most other gold producers which is interesting to us as we like this stock a lot but do not own any of it at the moment. The current correction could present us with the buying opportunity of the year so its now time to watch it carefully and be prepared to pounce.
As we can see from the above chart this correction could well bring Randgold back into the frame as a Buy having fallen 5.91% today alone and to close at $67.29. This is a fair way down from its recent high of almost $90.00 per share, a price that left us thinking that we might never own it again. Still never say never in this business, its so volatile and can change on a dime as we have said many times before.
The RSI looks as though it is about to fall through the '30' level which makes it a buy in our eyes, however, we will wait and see just what the next few days can throw at us before making a move. We have bought and sold this stock in the past and also traded Randgold's PUT and CALL Options with some success so we are keen to repeat the process.
Randgold Resources Limited trades on the NASDAQ under the symbol of GOLD and on the London Stock Exchange under the symbol of RRS and has a market cap of $6.06 billion.
All the best.
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