Condor Gold: 50 day line break could lead to 100p

1 mins. to read
Condor Gold: 50 day line break could lead to 100p

The US dollar may be near recent highs on speculation that there will be an interest rate hike in December. However, the gold mining minnows continue to be robust. This is all the more telling given that stocks led the commodities both on the way up to the 2011 peaks, and on the way down until the beginning of this year.

The suggestion now is that we should expect the present consolidation to be resolved on the upside, even if gold goes via the major $1,200 zone support before it goes higher. This is especially the case considering the distinct possibility that the Federal Reserve will not raise interest rates in December as the market is expecting, but use the uncertainties associated with a bruising Presidential Election to stand pat.

As far as the present charting position of Condor Gold (LON:CNR) is concerned, we can see how there has been progress within a rising trend channel in place since the beginning of the year. The big plus point about this channel is the way it stands well above the 200 day moving average, currently rising at 59p. The implication is that as little as an end of day close above the 50 day moving average, now at 73p, could be enough to deliver a fresh leg to the upside and a 2016 price channel top target of 100p as soon as the end of this year.


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