By Ben Turney | Thursday 28 August 2014
Disclosure: I have no positions in any stocks mentioned, and no plans to initiate any positions within the next 72 hours. I wrote this article myself, and it expresses my own opinions. I am not receiving compensation for it (other than from ShareProphets). I have no business relationship with any company whose stock is mentioned in this article.
The resilience of the gold price continues to confound the bears. Coming into 2014 and most market commentators were extremely pessimistic about the prospects for the precious metal. Some even claimed it could shed another $150/oz, to fall as low as $1,050/oz. Users of the MIDAS system were more confident than this. After the market bottomed last December, the gold price has made steady progress over the course of the year. Currently trading at $1,292/oz the price sits immediately below DEC2013 support (shown in the chart below) and this could present yet another buying opportunity.
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