Kinross Gold near Key Support Area

Published on Friday, 03 February 2012 06:36 Written by Christopher Lynn

New York, February 3rd (TradersHuddle.com) - Shares of Kinross Gold Corporation (NYSE:KGC) ended close to calculated support at $11.10 with current price action placing the stock near levels that will raise attention of traders looking for an entry point.

Kinross Gold's current stock range is defined by current calculated support defined at $11.10 and by the resistance level at $11.95, which could be used as a reference by traders planning their trades. The area defined as calculated support, is where buying might materialize, which could provide a lift to shares of Kinross Gold Corporation. However, this area if breached will signal participants that the stock failed to entice buyers to step in and support the stock.

Traders wanting to establish a position should pay close attention to Kinross Gold's price action, and establish a position as close to support as possible, but only after buying materializes. Traders should understand that the resistance point at $11.95 might limit their upside, however if the stock breaks resistance, it could be a good point to add to the position.

Shares of Kinross Gold Corporation closed at $11.39 in the previous trading session.

Kinross Gold Corporation (NYSE:KGC) is involved in the exploration, development, and production of gold in countries located around the world. The company is the fourth largest primary gold producer in North America by reserves.