RE:RE:RE:RE:Start your enginesWell, we hit the $1.15 resistance level as I suggested and are still in the buying pressure zone which allowed it to break through. The next resistance level I see is $1.29 and we just hit $1.24. After this, the next resistance level is a jump to $1.49 according to the charts. As long as there is buying pressure and a good story, we eventually continue higher but profit taking could cause a pull back which could create another buying opportunity.
The overall story for gold is good due to world events and government debts which has allowed gold and gold stocks/ETFs to be a great sector to be in. Also, this is typically a good time of the year to be in gold from now to around the 1st week of October. Lots of M&A activity going on. Here are some recent ones.
Semafo and Endeavour Mining
Alio Gold and Argonaut Gold
Alacer and SSRM
Guyana bought by Zijin Mining
Detour and Kirkland Lake Gold