Eldorado Gold is on the Road to $10

by Sam Collins | July 3, 2014 1:48 am

Eldorado Gold (EGO[1]) — This Canadian-based mining company engages in the exploration, development and production of gold and other metals in Brazil, China, Greece, Turkey and Romania.

In June, the stock broke from a bearish resistance line that had been in effect for over 18 months. It then broke a double-top as its MACD indicator went positive.

The bullish technical developments were in large part the result of Federal Reserve Chair Janet Yellen’s comments that interest rates would stay low for the foreseeable future. But gold usually performs well in the summer months, so EGO is a good cyclical play.

Analysts’ median target is $8.50, with a high target of $11.76. The technical objective is $10.

EGO Chart
Click to Enlarge

Chart Key[2]

  1. EGO: /stock-quotes/EGO-stock-quote/
  2. [Image]: http://investorplace.com/wp-content/uploads/2013/05/chart-key.gif

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