Kinross Gold Corp. (KGC) on Wednesday reported second-quarter profit of $195.7 million.
The gold mining company posted revenue of $1.01 billion in the period.
Kinross Gold shares have increased 86% since the beginning of the year. In the final minutes of trading on Wednesday, shares hit $8.82, more than doubling in the last 12 months.
Kinross Gold Corporation is a gold mining company.
The Company is engaged in gold mining and related activities, including exploration and acquisition of gold-bearing properties, the extraction and processing of gold-containing ore, and reclamation of gold mining properties.
The Company’s segments include Fort Knox, Round Mountain, Bald Mountain, Paracatu, Kupol, Maricunga, Tasiast and Chirano. Fort Knox is an open-pit gold mine located in Fairbanks, Alaska.
Round Mountain open-pit mine is located in Nye County, Nevada. Bald Mountain open-pit mine is located in Nevada.
The Company’s gold production and exploration activities are carried out principally in Canada, the United States, the Russian Federation, Brazil, Chile, Ghana and Mauritania.
Gold is produced in the form of dore, which is shipped to refineries for final processing. Kinross also produces and sells a quantity of silver.
Overall, the bias in prices is: Upwards.
Note: this chart shows extraordinary price action to the upside.
By the way, prices are vulnerable to a correction towards 9.87.
The projected upper bound is: 12.58.
The projected lower bound is: 10.99.
The projected closing price is: 11.78.
A black body occurred (because prices closed lower than they opened).
During the past 10 bars, there have been 5 white candles and 5 black candles. During the past 50 bars, there have been 21 white candles and 26 black candles for a net of 5 black candles.
A long lower shadow occurred. This is typically a bullish signal (particularly when it occurs near a low price level, at a support level, or when the security is oversold).
A spinning top occurred (a spinning top is a candle with a small real body). Spinning tops identify a session in which there is little price action (as defined by the difference between the open and the close). During a rally or near new highs, a spinning top can be a sign that prices are losing momentum and the bulls may be in trouble.
Momentum is a general term used to describe the speed at which prices move over a given time period. Generally, changes in momentum tend to lead to changes in prices. This expert shows the current values of four popular momentum indicators.
One method of interpreting the Stochastic Oscillator is looking for overbought areas (above 80) and oversold areas (below 20). The Stochastic Oscillator is 72.5490. This is not an overbought or oversold reading. The last signal was a sell 4 period(s) ago.
Relative Strength Index (RSI)
The RSI shows overbought (above 70) and oversold (below 30) areas. The current value of the RSI is 72.66. This is where it usually tops. The RSI usually forms tops and bottoms before the underlying security. A buy or sell signal is generated when the RSI moves out of an overbought/oversold area. The last signal was a sell 4 period(s) ago.
Commodity Channel Index (CCI)
The CCI shows overbought (above 100) and oversold (below -100) areas. The current value of the CCI is 96. This is not a topping or bottoming area. The last signal was a sell 0 period(s) ago.
The Moving Average Convergence/Divergence indicator (MACD) gives signals when it crosses its 9 period signal line. The last signal was a buy 29 period(s) ago.
Rex Takasugi – TD Profile
KINROSS GOLD closed up 0.030 at 11.760. Volume was 4% above average (neutral) and Bollinger Bands were 1% wider than normal.
Open High Low Close Volume 11.770 11.910 11.370 11.760 6,425,913
Technical Outlook Short Term: Overbought Intermediate Term: Bullish Long Term: Bullish
Moving Averages: 10-period 50-period 200-period Close: 11.22 9.67 7.53 Volatility: 39 53 82 Volume: 5,269,799 5,641,761 5,183,238
Short-term traders should pay closer attention to buy/sell arrows while intermediate/long-term traders should place greater emphasis on the Bullish or Bearish trend reflected in the lower ribbon.
KINROSS GOLD is currently 56.2% above its 200-period moving average and is in an upward trend. Volatility is relatively normal as compared to the average volatility over the last 10 periods.
Our volume indicators reflect moderate flows of volume into K.TO (mildly bullish). Our trend forecasting oscillators are currently bullish on K.TO and have had this outlook for the last 22 periods. Our momentum oscillator is currently indicating that K.TO is currently in an overbought condition.
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