With Gold Perking Up, These Miners Look Of Interest
|With gold eyeing 1500 (and possibly beyond) as we head into 2020, here are some gold mining stocks with display promising technicals.
Newmont Mining (NEM): Trading just cents below the 2018 high, we’re watching Newmont closely for a bullish breakout. Price action since the 36 low in November has produced a clean, bullish trend with minor pullbacks. The moving average are in bullish sequence and fanning out, which shows increasing momentum across multiple timeframes, and the 10-day eMA is now acting as support.
-
Bias remains bullish above 40.31 and for a run towards the 46 high.
-
A break above 42 brings the 26 high into focus, It would be nice to see 42 then turned into support, but not necessarily a requirement as we remain bullish above the 40.31 low.
Royal Gold (RGLD): We may well have seen the end of the correction in November, where an elongated bullish engulfing candle sprang higher from the 200-day eMA. It’s also worth noting that yesterday’s bullish close invalidated a bearish trendline on above-average volume to show bulls are taking back control. That it occurred after consolidating above 113 suggests a higher low could be in place.
-
Near-term bias remains bullish above 113.13
-
A break above 120.66 confirms a change in trend, and suggests it could be headed for new highs in 2020
Wheaton Precious Metals (WPM): It’s safe to say that the bullish wedge highlighted earlier this year simply did not work out as hoped. Neither did it fail as such, but it really should have hit target by now to call it a success. Still, it is producing higher lows into resistance around 28.60 and could be on the verge of a bullish breakout.
-
Bias is bullish above 27
-
A break above 28.64 / 29.00 assumes a run for the highs at 30.90
-
A breakout and close back below resistance warns of a bull-trap
Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers.