Gold-Mining Stocks: Watch This Support
InTheMoneyStocks.com | Dec 11, 2017 12:13PM ET
Many of the leading gold mining stocks have been declining since September 2017. The highly followed mining ETF GDX peaked on September 7, 2017 at $25.58 a share. Since that high pivot, GDX has traded down to the $21.50 level and will likely fall lower in the near term. Leading gold mining stocks like Newmont Mining (NYSE:NEM), Royal Gold (NASDAQ:RGLD) and Randgold Resources (LON:RRS) (NASDAQ:GOLD) are now trading below their important 50-day moving averages, which is signaling near-term weakness for the industry group.h3 Support/h3
Randgold is one gold mining stock that has caught my eye. The stock should have solid chart support around $86, which is where the stock was defended in July 2017 and will likely serve as support when initially tested. Randgold could be setting up nicely for a long-side at trade this level.
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