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nailation Mar 07, 2013 12:38am
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Comment from National Bank Tonight on Gold
Comment from National Bank Tonight on Gold National Bank Research - March 6, 2013
Gold Bugs Index: 354.56
- An extended correction in the gold sector appears set for a rebound.
- The Gold bugs Index made new correction lows and rebounded to close at the highs of a strong up day, the first technical positive in a long time.
- Oversold momentum indicators are developing some positive divergences at a time when the Gold Bugs Index was extended approximately 23% below its 200-day.
- Next hurdle will be when the index challenges key resistance around 375.
- We continue to favour stocks such as ABX on a relative basis to hold in.