Gold has topped out, for now. The mining stocks and gold look poised for corrections, but the long term outlook remains bullish. Among our trading picks, GFI was stopped out last week wth a gain of 36% in 29 days. We should also take our profit on AU, which had gained 54% in 41 days as of Friday’s close. I have raised trailing stops on the remaining 5 picks to protect the gains in those. We can look to enter new trades depending on how the correction plays out.
This report covers the short to long term technical outlook for gold, and for gold mining stocks, along with recommended trading strategy.