Others are not as optimistic. Mihir Dange, founder and trader at Arbitrage, thinks that gold prices could sink to the $1,425-$1,450 level. "I'm looking for that area," says Dange. "We got short lost week. We have taken some of those shorts back, but I'm staying short right now."
David Banister, chief investment strategist at ActiveTradingPartners.com, who said gold would put in a short term top around $1,550, sees even more downside to prices. "I think we are on the precipice of an intermediate top in gold .... We may have a multi-month correction. If gold can't get through $1,551 we could go much lower." Banister thinks if the correction is very steep gold could sink as low as $1,310 an ounce
Gold mining stocks were moving mostly higher. Kinross Gold (KGC - Get Report) was flat at $15.45 while Yamana Gold (AUY - Get Report) was slightly lower at $11.55. Other gold stocks, Agnico-Eagle (AEM - Get Report) and Eldorado Gold (EGO - Get Report)were trading at $62.14 and $14.04, respectively.
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