NEW YORK ( TheStreet) -- On Sept. 6, nearly a year ago, Comex gold traded to an all-time high of $1923.7, and then the bubble burst.
Gold on Sept. 26 tested an intra-day low at $1535.0, which was just above its 200-day simple moving average. A slightly lower low at $1523.9 was set on Dec. 29. The price rebounded to a 2012 high of $1792.7 on Feb. 28, but weakness since then took it back down to $1526.7 the Troy ounce on May 16.
On May 16, I correctly timed the bottom for gold in It's Time to Buy Gold for a Trade. More recently, I have been talking about gold stability influenced by my annual pivot at $1575.8.
I have been posting stories on Fridays covering the weekly closes and scenarios for the U.S. capital markets, including gold, and reported that the weekly chart for gold became positive on Friday, July 27. My initial upside targets were my semiannual pivot and risky level at $1643.3 and $1702.5. Gold is within this range this morning.On Wednesday, gold closed above its 200-day simple moving average at $1649.1 for the first time since March 27, and the breakout continued this morning with a intra-day high at $1669.5. So today, I focus on "buy and trade" strategies for gold stocks, which lag their 200-day simple moving averages. I also profile SPDR Gold Trust (GLD), which is a cost-efficient way to trade the market for physical gold. GLD tracks gold futures better, as it closed Wednesday above its 200-day simple moving average at $160.25.
Reading the TableOV / UN Valued -- The stocks with a red number are undervalued by the percentage shown. Those with a black number are overvalued by that percentage, according to ValuEngine. VE Rating - A 1-Engine rating is a strong sell, a 2-Engine rating is a sell, a 3-Engine rating is a hold, a 4-Engine rating is a buy and a 5-Engine rating is a strong buy. Last 12-Month Return (%) - Stocks with a red number declined by that percentage over the last 12 months. Stocks with a black number increased by that percentage.
Select the service that is right for you!COMPARE ALL SERVICES
Jim Cramer and Stephanie Link actively manage a real portfolio and reveal their money management tactics while giving advanced notice before every trade.
- $2.5+ million portfolio
- Large-cap and dividend focus
- Intraday trade alerts from Cramer
- Weekly roundups
Access the tool that DOMINATES the Russell 2000 and the S&P 500.
- Buy, hold, or sell recommendations for over 4,300 stocks
- Unlimited research reports on your favorite stocks
- A custom stock screener
- Upgrade/downgrade alerts
Jim Cramer's protege, David Peltier, identifies the best of breed dividend stocks that will pay a reliable AND significant income stream.
- Diversified model portfolio of dividend stocks
- Alerts when market news affect the portfolio
- Bi-weekly updates with exact steps to take - BUY, HOLD, SELL
All of Real Money, plus 15 more of Wall Street's sharpest minds delivering actionable trading ideas, a comprehensive look at the market, and fundamental and technical analysis.
- Real Money + Doug Kass Plus 15 more Wall Street Pros
- Intraday commentary & news
- Ultra-actionable trading ideas
Our options trading pros provide daily market commentary and over 100 monthly option trading ideas and strategies to help you become a well-seasoned trader.
- 100+ monthly options trading ideas
- Actionable options commentary & news
- Real-time trading community
- Options TV