| Gold Prices Could Trade between $1,180 and $1,240 per Ounce | |
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Dollar Up and Gold Down: What It Means for Investors (Continued from Prior Part) Rising wedge pattern
Gold futures for June delivery show the rising wedge pattern. Prices broke below the lower upward trending line on May 19, 2015. Gold prices have been fluctuating between $1,180 and $1,220 per ounce since the last week of March 2015. The appreciating dollar and week demand from India could drive gold prices lower.
Gold’s support
The recent change in momentum suggests that gold prices could hit the support of $1,150 per ounce. Gold prices hit this level in March 2015. Slowing demand from China would drive gold lower. In contrast, energy inflation might push gold higher. Gold prices could see resistance of $1,250 per ounce. Prices tested this level in February 2015.
The rising wedge and rectangular trading range pattern suggests that gold prices will broadly fluctuate between $1,180 and $1,240 per ounce in the near term.
Lower gold prices negatively affect gold miners like New Gold (NGD), Gold Fields (GFI), and Royal Gold (RGLD). These companies account for 10.46% of the Market Vectors Gold Miners ETF (GDX). They also impact gold ETFs like the iShares Gold Trust (IAU).
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Gold Fields ltd
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PRODUCER |
CODE : GFI |
ISIN : US38059T1060 |
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ProfileMarket IndicatorsVALUE : Projects & res.Press releasesAnnual reportRISK : Asset profileContact Cpy |
Gold Fields is a gold producing company based in South africa. Gold Fields produces gold, copper in Australia, in Ghana, in Peru and in South Africa, develops gold in Mali, and holds various exploration projects in Peru. Its main assets in production are ST IVES MINE and AGNEW in Australia, BEATRIX MINE, DRIEFONTEIN, KLOOF MINE, SOUTH DEEP, KLOOF and BEATRIX in South Africa, DAMANG, TARKWA and DAMANG PROJECT in Ghana and CERRO CORONA in Peru, its main asset in development is KOMANA in Mali and its main exploration properties are LOBO in Philippines and CHUCAPACA and CANAHUIRE in Peru. Gold Fields is listed in France, in South Africa and in United States of America. Its market capitalisation is US$ 14.3 billions as of today (€ 13.4 billions). Its stock quote reached its lowest recent point on November 10, 2000 at US$ 1.69, and its highest recent level on April 26, 2024 at US$ 17.44. Gold Fields has 821 530 048 shares outstanding. |