After reaching a high of $1263.00 on February 27th, the price of Gold has dropped over $45.00 to close today at $1216. 00.
Technically, this price represents the first daily close below the 30-day moving average since January 2nd, and points to the next key support level at $1200.00.
You're not a member! Trial today
On February 8th, the Investor Signals Algo engine generated a short signal on Newcrest Mining at $23.95. Investors who were holding long positions were given the signal and had the opportunity to sell covered calls, or sell the shares outright.
Shares of Newcrest are now trading near initial support at $21.00.
However, with momentum indicators pointing lower, a realistic near-term target could be found near the former “double-top” high at $20.40.
