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Gold prices keep a $1,200 support level despite poor conditions (Part 2 of 2) (Continued from Part 1) Trading range
Gold prices for April futures contracts show the formation of a trading range. Prices are oscillating in a narrow range of $1,200 to $1,220 per ounce. March 3, 2015, saw gold edging close to the lower part of the range. The strengthening US dollar led to the decline in gold prices.
Pivot points for gold
Market sentiment is weak for gold. Bearish traders could see support at $1,200 per ounce. The support is formed from the lows of February 17 and 25. On the upside, resistance for gold is at $1,280 per ounce. This resistance is established from the highs of February 2 and 3.
A strong dollar generally tends to put downward pressure on gold prices. However, based on the gold price chart, gold prices could trade between the narrow range of $1,200 to $1,220 per ounce, as we stated above. Bullish or bearish news could fuel gold prices and the trend could change. In the meantime, technical indicators—RSI (the relative strength index) and MACD (the moving average convergence divergence)—suggest that prices could move sideways.
The decline in gold prices affects gold ETFs like the Market Vectors Gold Miners ETF (GDX) and the iShares Gold Trust (IAU). It also affected gold producers like Anglogold Ashanti (AU), Newmont Mining Corporation (NEM), and Kinross Gold Corporation (KGC). These companies make up 26.3% of GDX.
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VanEck Vectors Global Alternative Energy ETF
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PRODUCER |
CODE : AU |
ISIN : US0351282068 |
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ProfileMarket IndicatorsVALUE : Projects & res.Press releasesAnnual reportRISK : Asset profileContact Cpy |
AngloGold is a gold exploration company based in South africa. AngloGold produces gold, copper, silver and zinc in Argentina, in Australia, in Brazil, in Canada, in Ghana, in Guinea, in Mali, in Namibia, in South Africa and in Tanzania, develops gold and iron in Australia, in Brazil, in Colombia, in Congo Dem. Rep. of and in South Africa, and holds various exploration projects in Philippines. Its main assets in production are CRIXÁS, MINERAÇÃO, SAO BENTO, ANGLOGOLD ASHANTI MINERAÇAO and CRIXAS MINE in Brazil, SUNRISE DAM GOLD MINE in Australia, NAVACHAB MINE and NAVACHAB in Namibia, YATELA, MORILA and SADIOLA in Mali, CERRO VANGUARDIA in Argentina, MPONENG (WESTERN DEEP NO. 1 SHAFT), TAUTONA (WESTERN DEEP NO.3 SHAFT), BAMBANANI, TAU LEKOA, MPONENG, SAVUKA, TAU TONA, GREAT NOLIGWA, KOPANANG and CRIPPLE CREEK & VICTOR (CRESSON MINE) in South Africa, SIGUIRI in Guinea, TEBEREBIE, IDUAPRIEM, OBUASI and KUBI in Ghana, GEITA in Tanzania and TROUT LAKE MINE and CALLINAN MINE in Canada, its main assets in development are MOAB KHOTSONG in South Africa, MINAS-RIO in Brazil, LA COLOSA and GRAMALOTE in Colombia, KIBALI (KILO-MOTO) in Congo Dem. Rep. of and TROPICANA in Australia and its main exploration properties are HUALATAN and ER in Peru, MKURUMU in Tanzania, 777 PROJECT and RIVARD in Canada, LOUBOUGOULA, GOODPASTER and ALAMOUTALA (SADIOLA II) in Mali, BAMBADJI in Senegal, MORRO VELHO in Brazil and SIANA in Philippines. AngloGold is listed in Australia, in Germany and in United States of America. Its market capitalisation is 1.3 billions as of today (€ 1.2 billions). Its stock quote reached its lowest recent point on November 23, 2018 at 10.00, and its highest recent level on September 19, 2024 at 27.58. AngloGold has 47 442 200 shares outstanding. |