Miners break out as gold continues to trade sideways

By David Erfle – Kitco News

For nearly five months, the gold price has been caught in a narrow trading range with weakness being bought quickly in the miners after reporting two consecutive quarters of record profits.

On the upside in gold, there is resistance at $3400 and $3450, with overhead resistance on the all-time high at $3500. On the downside, there is initial support at $3350 and good weekly support at $3300, with stronger support at $3200.