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 which are displaying 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

Related Analysis:
Gold breaks out
Precious metals: Silver breaks out

From time to time, StoneX Financial Pty Ltd (“we”, “our”) website may contain links to other sites and/or resources provided by third parties. These links and/or resources are provided for your information only and we have no control over the contents of those materials, and in no way endorse their content. Any analysis, opinion, commentary or research-based material on our website is for information and educational purposes only and is not, in any circumstances, intended to be an offer, recommendation or solicitation to buy or sell. You should always seek independent advice as to your suitability to speculate in any related markets and your ability to assume the associated risks, if you are at all unsure. No representation or warranty is made, express or implied, that the materials on our website are complete or accurate. We are not under any obligation to update any such material.

As such, we (and/or our associated companies) will not be responsible or liable for any loss or damage incurred by you or any third party arising out of, or in connection with, any use of the information on our website (other than with regards to any duty or liability that we are unable to limit or exclude by law or under the applicable regulatory system) and any such liability is hereby expressly disclaimed.

City Index is a trading name of StoneX Financial Pty Ltd.

The material provided herein is general in nature and does not take into account your objectives, financial situation or needs.

While every care has been taken in preparing this material, we do not provide any representation or warranty (express or implied) with respect to its completeness or accuracy. This is not an invitation or an offer to invest nor is it a recommendation to buy or sell investments.

StoneX recommends you to seek independent financial and legal advice before making any financial investment decision. Trading CFDs and FX on margin carries a higher level of risk, and may not be suitable for all investors. The possibility exists that you could lose more than your initial investment further CFD investors do not own or have any rights to the underlying assets.

It is important you consider our Financial Services Guide and Product Disclosure Statement (PDS) available at www.cityindex.com/en-au/terms-and-policies/, before deciding to acquire or hold our products. As a part of our market risk management, we may take the opposite side of your trade. Our Target Market Determination (TMD) is also available at www.cityindex.com/en-au/terms-and-policies/.

StoneX Financial Pty Ltd, Suite 28.01, 264 George Street, Sydney, NSW 2000 (ACN 141 774 727, AFSL 345646) is the CFD issuer and our products are traded off exchange.