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Gold May Present a Buying Opportunity in Related Stocks

Gold has been under some pressure, but a pullback was warranted.

Gold has been under some pressure, but a pullback was warranted. Alan Knuckman, Chief Market Strategist of Barchart Bulls-Eye Options, tells TheStreet's Jill Malandrino $1215-$1220 is the key weekly pivot range to watch, as well the rising level of the U.S. dollar. Gold could be a buy here and Knuckman recommends one company-specific idea, Barrick Gold, and the Gold Miners ETF to gain some exposure to the yellow metal. Barrick has been stuck between $10-$14 since October and it is now around the midpoint of $12, which is a level Knuckman likes. The GDX is a basket of gold mining stocks. The double bottom is $20 and could see a move to the upside from there.

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