Gold prices continued its slide Wednesday after Morgan Stanley provided another bearish forecast for gold prices in 2014. The average forecasts of seven big banks (Bank of America Merrill Lynch, Barclays, Deutche Bank, HSBC, J.P. Morgan, Morgan Stanley and UBS) call for gold prices to average roughly $1,202 an ounce in 2014. “In our view, gold price performance will continue to suffer as long as risk assets in general and U.S. equities in particular continue to perform strongly, undermining the need for portfolio managers to hold more than a modicum of safe haven assets,” analysts at Morgan Stanley wrote in a recent note.
Allied Nevada Gold Corp. (NYSEMKT: ANV)(TSX: ANV) shares traded in the range of $4.86 to $5.04 Thursday before settling to close at $4.98, an increase of 3.53 percent. The stock appears to be facing some resistance at $5.11 with some support at the $4.82 and $4.50 levels. Shares of Allied Nevada Gold have approximately 80.0 percent in the past year.
More information on Allied Nevada Gold and access to the free equity report can be found at:
www.WallStreetFundamentals.com/ANV
Gold Fields Limited (NYSE: GFI) shares traded in the range of $3.41 to $3.49 Thursday before settling to close at $3.46, an increase of 3.28 percent. The stock appears to be facing some resistance at the $3.46 and $3.97 levels with some support at $3.02. Shares of Gold Fields have fallen approximately 70.0 percent in the past year.
More information on Gold Fields and access to the free equity report can be found at:
www.WallStreetFundamentals.com/GFI
IAMGOLD Corp. (NYSE: IAG)(TSX: IMG) shares traded in the range of $3.68 to $3.76 Thursday before settling to close at $3.72, an increase of 3.05 percent. The stock appears to be facing some resistance at the $3.80 and $4.36 levels with some support at $3.20. Shares of IAMGOLD have fallen approximately 65.0 percent in the past year.
More information on IAMGOLD and access to the free equity report can be found at:
www.WallStreetFundamentals.com/IAG
Rubicon Minerals Corp. (NYSEMKT: RBY)(TSX: RMX) shares traded in the range of $1.21 to $1.35 Thursday before settling to close at $1.26, an increase of 7.69 percent. The stock appears to be facing some resistance at the $1.31 and $1.50 levels with some support at $1.15. Shares of Rubicon Minerals have fallen approximately 50.0 percent in the past year.
More information on Rubicon Minerals and access to the free equity report can be found at:
www.WallStreetFundamentals.com/RBY
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