Gold is Overbought: Time to Short Barrick?

 |  Includes: ABX, GLD, IAU
by: TickerSense

Currently Gold, trading at a spot price of $896/oz, is 3.3% above its normal trading range. Birinyi Associates classifies it as being "overbought" and while it might not be a sell we would advise clients and readers that they not buy until it returns to the normal range. In a note picked up by Bloomberg yesterday, clients were advised of the situation, and that Barrick Gold (NYSE:ABX) was an intriguing short opportunity as it was also overbought. Click here for the Bloomberg write-up.