Top 3 Gold Mining Stocks for the Coming Move Higher

 

This Blog was posted on seeitmarket.com on January 13, 2020
$GDX $GLD $FNV $GOLD $NEM

Link to Blog at seeitmarket.com https://www.seeitmarket.com/top-3-gold-mining-stocks-for-coming-move-higher/

GOLD MINERS ARE SETTING UP FOR HIGHER, AND HERE ARE OUR TOP 3 NAMES

The Gold Miners ETF (GDX) is setting up for a move higher here and has solid support below. GDX closed Friday at $28.45 and is setting up technically for a move higher, based on our chart analysis.

GDX recently held key support at $26 over the last few months, between September and November, before breaking out above the key $28 level three weeks ago, and has now consolidated that recent breakout.

We are expecting a move higher to start over the next few days, and believe this could push GDX to new 7-year highs, which is currently $31.06, reached in 2013. We are positioned long here in GDX and our top 3 large cap ideas in the space are Newmont Goldcorp, (NEM), Barrick Gold (GOLD) and Franco-Nevada Corp. (FNV).

We use a standard 10% stop loss system, so a close under $25.60, which is below the rising 200-day moving average, would negate this position, and shorter-term, we want to see $26 hold on any pullback. As long as $26 holds, we believe there could be significant potential upside in this space.

GDX $28.45

NEM $42.27

GOLD $17.85

FNV $102.41

DISCLOSURE: At the time of writing, we are currently long GDX.

 

Join Now for
Exclusive Access

Membership gives you premium access to videos, reports, top trends, market analysis, plus so much more.

Annual

Membership

$

499

per year

Monthly

Membership

$

59

per month