Many of the leading gold mining stocks have been declining since September 2017. The highly followed VanEck Vectors Gold Miners ETF (NYSEArca:GDX) peaked out on September 7, 2017 at $25.58 a share. Since that high pivot, the GDX has traded down to the $21.50 level and will likely fall lower in the near term. Leading gold mining stocks such as Newmont Mining Corp (NYSE:NEM), Royal Gold Inc (RGLD:NASDAQ) and Randgold Resources Ltd (GOLD:NASDAQ) are now trading below their important 50-day moving averages. This is signaling near-term weakness for the industry group.
Randgold Resources Ltd (GOLD:NASDAQ) is one gold mining stock that has caught my eye. This stock should have solid chart support around the $86.00 level. This area is where the stock was defended in July 2017 and will likely serve as support when initially tested. Randgold Resources Ltd (GOLD:NASDAQ) could be setting up nicely for a long side trade this level.
Nicholas Santiago
InTheMoneyStocks
