"Considering the safety of the Company's employees, and the integrity of the mine's infrastructure and that of the surrounding area, the decision was made to stop production indefinitely" said Sean Boyd, Vice-Chairman and CEO.

Agnico Eagle Mines gave second quarter EPS of $0.47, in line with expectations. Revenue of $453M, +23% year to year. Goldcorp responded with earnings in line with expecations as well. EPS of $0.52, revenues of $1.38B up 62% year to year.

Agnico made a C$70 million strategic investment in Rubicon Minerals and also plans to enter into a technical services agreement to help advance their high grade Phoenix deposit in Red Lake, Ontario.

Canaccord Genuity Upgrades Agnico Eagle mines to Buy from Hold. Shares are sitting at $68 support and have a good chance to trend up toward $75.

The yellow metal is on an uptrend but things could change soon as metal is headed to the resistance area as shown in the chart below. The volume is dropping although the MACD shows a bullish crossover. Some large cap miners are also at their resistance area. If either gold or the miners fail to overcome this area we are going to see a trend reversal. The outlook is neutral to bearish for the metal.

Shares of Agnico Eagle Mines broke the uptrend line in the weekly chart and currently trending down. Weakness in gold, a likely forecast near term, could drag shares lower. But there are two key technical indicators that could help shares bounce back for the time being.  Share price is touching the 200 day moving average and at the same time the 61.8% Fibonacci retracement.

We’ve talked about the impressive performance of Agnico Eagle (AEM) in our previous posts. The weekly chart looks very bullish with the positive and rising MACD. RSI shows it can get overbought in a few weeks time frame as it has been trending up for long time without a pull back.

If you are new to investing in gold market and do not know where to start, the opportunity might be just on the corner. Based on both fundamental and technical analysis, gold is predicted to hit $1,500 an ounce by the end of the year.

On its way to hit new records, however, there will be price corrections and pullbacks. These will be the times to hop into the profit train with less risk. In this article we work on a strategy to enter into a long position of some gold mining stocks.

Gold prices are rising in a steady upward trend. They have reached an important milestone of crossing over the psychological $1,300 an ounce and might be on their way to hit the forecast price of $1,500 by the end of the year.

Momentum traders and gold investors are benefiting from the upward trend of gold prices. In trend trading, a trader stays long with an upward trend until the trend is reversed.

Will the upward trend continue?

Earlier, we pointed out to the fundamental and technical aspects of the recent gold rally. Slow economic recovery is driving investors to precious metals. Recent US disappointing data suggests that Fed will soon kick start the quantitative easing and purchase of Treasuries. In short term, dollar will be under more pressure by the Fed’s action and, as we have seen recently, a new low on the dollar will give a new high in gold.