📖 Your Q2 Earnings Guide: Discover the Stocks ProPicks AI Highlights to Jump Post-EarningsRead more

Gold Miners Are Breaking Out And They Have Higher To Go

Published 06/12/2019, 02:16 PM
NEM
-
AEM
-
RGLD
-
GDX
-
KL
-

All of the leading gold mining stocks rallied higher early Wednesday. The highly followed VanEck Vectors Gold Miners ETF (NYSE:GDX) was trading up by nearly 2.0% on the session to $23.04 a share. The GDX is trading above its daily chart 50- and 200-day moving averages putting it in a strong technical position on the charts. The next major daily chart resistance level for GDX will be around $25. After that, important resistance for GDX points up to $28.

Here's The Play

At this time, I'm looking to enter GDX on the long side, but I'm waiting for a pullback or a consolidation pattern to form before jumping in. Often after a breakout an equity will need to digest some of the recent gains. Let's see if we can get that pattern over the next week or so. I will be keeping GDX on my radar. Some other gold-mining stocks that look strong on the charts include Newmont Goldcorp (NYSE:NEM), Kirkland Lake Gold (TSX:KL), Agnico Eagle Mines (NYSE:AEM) and Royal Gold (Royal Gold Inc (NASDAQ:RGLD)).

VanEck Vectors Gold Miners ETF

Latest comments

Loading next article…
Risk Disclosure: Trading in financial instruments and/or cryptocurrencies involves high risks including the risk of losing some, or all, of your investment amount, and may not be suitable for all investors. Prices of cryptocurrencies are extremely volatile and may be affected by external factors such as financial, regulatory or political events. Trading on margin increases the financial risks.
Before deciding to trade in financial instrument or cryptocurrencies you should be fully informed of the risks and costs associated with trading the financial markets, carefully consider your investment objectives, level of experience, and risk appetite, and seek professional advice where needed.
Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. The data and prices on the website are not necessarily provided by any market or exchange, but may be provided by market makers, and so prices may not be accurate and may differ from the actual price at any given market, meaning prices are indicative and not appropriate for trading purposes. Fusion Media and any provider of the data contained in this website will not accept liability for any loss or damage as a result of your trading, or your reliance on the information contained within this website.
It is prohibited to use, store, reproduce, display, modify, transmit or distribute the data contained in this website without the explicit prior written permission of Fusion Media and/or the data provider. All intellectual property rights are reserved by the providers and/or the exchange providing the data contained in this website.
Fusion Media may be compensated by the advertisers that appear on the website, based on your interaction with the advertisements or advertisers.
© 2007-2024 - Fusion Media Limited. All Rights Reserved.