Gold miner Randgold Resources (LON:RRS) (NASDAQ:GOLD) reported a 24% drop in Q1 profit, which sent the stock down by more than 7% to $76.45 a share. Traders should note that the stock is trading below its important 50-day moving average. This chart formation now puts the stock in a very weak technical position and indicates lower prices ahead.
Support
The next key support level for GOLD is around $71, which is where it stock reversed higher back in December 2016.