What a wild ride here in the markets over the past few months. This could only be the beginning. Gold stocks have been on fire since we first heard about COVID-19 in China. We were shocked that a whole city had to be locked down. Then it happened to our financial capital, New York City, and the state of California, which is one of the world’s largest economies itself.
A lot of investors think they are late to the gold stock party. As investors, we must plan for the best- and worst-case scenarios. With the state of Georgia opening on Friday, we can see how social distancing will work on a small scale. This is one of many more steps that will have to be taken for our economy to open. We will need testing and then antibody testing. This to me sounds like a lot of uncertainty.
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But even so, we are just now opening parts of the country but likely still have a long way to go for the world’s economy to get anywhere near normal. Investors do not like uncertainty as you have seen since the beginning of April.
Gold stock leaders have almost doubled in price. In fact, some gold stocks have approached February highs. I know as investors we always want to buy low and sell high. With many gold stocks heading toward 52-week highs, it is time to start charting out some stocks. Let us look at a few gold stocks that have been making some noise
3 Gold Stocks To Watch
Eldorado Gold (EGO Stock Report) is currently trading at $10 a share sitting above its 50- and 200-day moving averages. These are both bullish signs. The stock has previous resistance from March at $10.00 then the end of February highs near $12.00. This week Credit Suisse raised its price target from $7 to $8. EGO has a conference call on April 30th to go over its yearly update.
Barrick Gold Corp (GOLD Stock Report) (ABX) is trading around $27 and like EGO, trading above its 50- and 200-day moving averages which is also bullish. Barrick is sitting at 52-week highs you must go back to 2013 to find Barrick Gold stock’s next support and resistance. The next major resistance is around the $30 area. This week GOLD was upgraded by Credit Suisse given a $25 price target. That was up from $22. Next up on the list is Gold Fields Limited.
Gold Fields Limited (GFI Stock Report) is currently trading above $7 and is also trading above its 50- and 200-day moving averages. GFI next major resistance is up at February highs at $8.00. Now after February highs the stock has a gap entry at $9.00 from 2013 and a gap fill at $10.33.
With so much uncertainty in the world right now this is the time investors and traders to be where things are moving. Many of these gold stocks have almost doubled since the beginning of March and this seems to just be the start to the road back to normal. Remember that you must do your own DD to see which stocks can sustain the COVID-19 damage. Tier Trading is something you might want to investigate and start trading from a core. Stay tuned for more updates. If these two topics are foreign to you, then it’s definitely worth checking this out.
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