This Leading Gold Mining Stock Is Crushed, Here's The Trade

Earlier today, leading gold miner, Randgold Resources Ltd (NASDAQ:GOLD), reported a 24.0 percent drop in Q1 profit. This news is sending the leading gold mining stock down by more than 7.0 percent to $76.45 a share. Traders should note that the stock is now trading below it's important 50-day moving average. This chart formation now puts the stock in a very weak technical position and indicates lower prices ahead. The next key support level for GOLD stock will be around the $71.00 level. This important support area is where the stock reversed higher back in December 2016. Often, a stock will be defended by the institutional crowd around these prior reversal levels.





Nicholas Santiago
InTheMoneyStocks