The Top Gold Stocks Breaching the Overhead Resistance

The Top Gold Stocks Breaching the Overhead Resistance

$GOLD, $NEM, $FNV, $WPM, $XAU,

Gold is waking up into year’s end, and so are gold stocks.

With stocks booming in Q-4, demand for precious metals has ebbed a bit.

But, gold and gold stocks are seeing massive money inflows too. Shares of the world’s Top gold miners are breaching resistance are returning to uptrending status.

Here are the 4 gold miner stocks to buy if you think gold’s new Bull market has legs, as follows;

Barrick Gold (GOLD)

Barrick Gold (NYSE:GOLD) shares rally ahead came just in time for Christmas. The jump completed a multi-month rounded bottom pattern and signaled its intermediate-term uptrend is back on track.

GOLD stock is now perched above a rising 20-Day, 50-Day, and 200-Day MAs.

The next 2 Northside targets are resistance zones at 19 and 20.

Ever since its mid-November earnings report, volume patterns have weighed heavily in favor of Bulls with accumulation days multiplying and distribution days all but disappearing.

Implied volatility is low at the 13th percentile of its 1-year range. This suggests long premium plays are a smart move.

Newmont Mining (NEM)

This week’s breakout pushed Newmont Mining (NYSE:NEM) shares to a 3-year high. Blasting above a resistance zone that has kept a lid on price advances for years is a big deal and underscores just how powerful the demand for gold stocks has become.

NEM is rallying above a rising 20-Day, 50-Day, and 200-Day MA. The momentum increase during last week’s advance suggests any weakness that crops up in the near-term is a buying opportunity.

Newmont shares have become overbought in the short run, so some consolidation is in order. Wait for a down day or 2, then execute Bull trades.

Franco-Nevada (FNV)

Franco-Nevada(NYSE:FNV) just broke out to an all-time high. The past 4 month consolidation pattern took on the form of a cup & handle pattern with resistance at the psych significant 100 mark.

As long as FNV does not fall back below the 20-Day MA at 98.50, the breakout look like it is worth betting.

Wheaton Precious Metals (WPM)

Wheaton Precious Metals (NYSE:WPM) had 1 of the clearest breakout setups heading into last week. For months, 28.50 capped it move, until last week.

Last Monday and Tuesday scored a Northside that finally broke the resistance that pushed toward the 52-wk high at 30.90.

The momentum surge is reflected by the 20-Day MA distancing itself from the 50-Day MA. While some backing-and-filling could be in order following 3 outsized up days, weakness ought be bought.

Have a terrific New Year Holiday Week

The following two tabs change content below.

Paul Ebeling

Paul A. Ebeling, polymath, excels in diverse fields of knowledge. Pattern Recognition Analyst in Equities, Commodities and Foreign Exchange and author of “The Red Roadmaster’s Technical Report” on the US Major Market Indices™, a highly regarded, weekly financial market letter, he is also a philosopher, issuing insights on a wide range of subjects to a following of over 250,000 cohorts. An international audience of opinion makers, business leaders, and global organizations recognizes Ebeling as an expert.

Latest posts by Paul Ebeling (see all)

You must be logged in to post comments :  
CONNECT WITH