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Gold adds to earlier gains, +2.7% at $1578.60 and bouncing off 10-month lows on technical buying...

  • Thursday, May 17, 2012, 12:05 PM ET
    Gold adds to earlier gains, +2.7% at $1578.60 and bouncing off 10-month lows on technical buying and as shorts get squeezed. Big miners rally on heavy volume: NEM +6.1%, ABX +6.4%, GG +7.9%, KGC +7.5%, IAG +6.4%, AEM +6.1%, AUQ +10.8%. Smaller miners jump too: MUX +14.7%, BAA +13.7%, PVG +11.1%, AZK +10.6%.
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This news story has 5 comments:

  •  
    It not that stocks are up that matters ... but the fact that stocks are up on much higher volume that really matters. That kind of price action is BULLISH! Note that short squeeze is not what is driving the up action but rather weeks of accumulation in GDX.
    17 May 2012, 12:11 PM Reply Like
  •  
    Gold has been in a correction for almost a year and was quite oversold. Last night, however, GLD closed at a very important support level. Today's bounce was largely predictable. I don't know if this is the bottom but I doubt we are far from it.
    17 May 2012, 12:22 PM Reply Like
  •  
    Got out of AUQ just below $9. Latest low around $6.91 looks like a good re-entry point.
    17 May 2012, 01:43 PM Reply Like
  •  
    i am waiting for a pull back to re-enter long
    17 May 2012, 05:51 PM Reply Like
  •  
    I added more MUX at 2.48 - the stock is incredibly oversold as it's only trading at approximately the value of its cash.
    17 May 2012, 10:44 PM Reply Like
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