Gold prices trended upwards Wednesday after minutes from the Federal Reserve’s latest meeting eased concerns of a tightening of monetary policy. Gold prices had tumbled since reaching a 6-month high in mid-March as comments made by Fed Chairwoman Janet Yellen hinted the central bank could end monthly bond purchases and begin raising interest rates six months later. "The death knell for the gold market would be a rise in short-term rates, and that doesn't appear to be on the table until 2015," said Bob Haberkorn, a broker at RJO Futures.
Goldcorp Inc. (NYSE: GG)(TSX: G) shares traded in the range of $24.96 to $25.87 Wednesday before settling to close at $25.58, an increase of 1.43 percent. The stock appears to be facing some resistance at the $25.65 and $26.16 levels with some support at $25.23 and $24.77. Shares of Goldcorp are up approximately 18.0 percent year-to-date.
More information on Goldcorp and access to the free equity report can be found at:
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Kinross Gold Corporation (NYSE: KGC)(TSX: K) shares traded in the range of $4.19 to $4.35 Wednesday before settling to close at $4.30, an increase of 1.65 percent. The stock appears to be facing some resistance at the $4.44 and $4.50 levels with some support at $4.26 and $4.06. Shares of Kinross Gold have fallen approximately 2.0 percent year-to-date.
More information on Kinross Gold and access to the free equity report can be found at:
www.WallStreetFundamentals.com/KGC
Newmont Mining Corp. (NYSE: NEM) shares traded in the range of $24.57 to $25.36 Wednesday before settling to close at $24.99, an increase of 0.16 percent. The stock appears to be facing some resistance at the $25.47 and $25.98 levels with some support at $24.34 and $23.23. Shares of Newmont Mining have gained approximately 8.0 percent year-to-date.
More information on Newmont Mining and access to the free equity report can be found at:
www.WallStreetFundamentals.com/NEM
New Gold Inc. (NYSEMKT: NGD)(TSX: NGD) shares traded in the range of $5.21 to $5.52 Wednesday before settling to close at $5.35, an increase of 0.19 percent. The stock appears to be facing some resistance at the $5.35 and $5.46 levels with some support at $5.27 and $5.15. Shares of New Gold are up approximately 2.0 percent year-to-date.
More information on New Gold and access to the free equity report can be found at:
www.WallStreetFundamentals.com/NGD
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