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.
