Gold Stocks To Watch Right Now
With the first full week of trading underway in May 2020, gold has returned to the spotlight. While the precious metal stayed the course above $1,700 an ounce, gold stocks moved higher on May 4th. This also saw gold penny stocks follow suit as well. IMC International Mining (IMIMF Stock Report) (CSE:IMCX) was one of these and Monday saw the junior gold exploration company’s stock continue a 3-day uptrend that began late last week.
As was the case with its previous news on raising capital, IMIMF jumped again after the company’s latest report that it had raised an additional CAD$500,000 at CAD$0.65. Considering that shares of IMCX in Canada closed last week at CAD$0.68, this “discount” didn’t appear to phase the market this week. In fact, after the announcement was made, both IMIMF and IMCX moved higher to start the week.
We highlighted over the weekend that due to the latest Fed policy moves being made, gold could be something to watch in May. We still have yet to see the whole country “reopen” and at that, this will likely come in phases and not all at once. Companies are still cutting their forward guidance and that’s simply based on the fact that we don’t know how far-reaching the implications from COVID-19 will be. So it’s not surprising that gold and gold stocks have come back into the spotlight.
Junior Gold Stocks To Watch: IMC International Mining
IMC International Mining has been one of the junior gold stocks to watch recently. This came after IMIMF pulled back in late-April but could be seeing a potential new support level on the chart. If you look at how it pulled back to a previous area of resistance and didn’t break below it, there could be an argument made that this might be a new level of support. On Monday, we saw this argument materialize further and IMIMF broke back above $0.50.
If you look at the last few weeks of trading, IMIMF has managed to hold the line between $0.41 and $0.45. Considering that gold prices have started to find their own “new potential support” levels, it makes sense that many gold stocks, including IMC International have seen a sideways trend in the market up until this week.
It’s All About Timing
Higher lows and higher highs are the basics of identifying a simple uptrend. Over the last few days, we’ve seen what could be the start of exactly that. On top of this, timing remains important. Why? Following the acquisition of Thane Minerals and its Cathedral property, Chairman Greg Hawkins and CEO Brian Thurston explained they wanted to get the ball rolling on exploration but I’m sure not many expected it this quickly.
IMC International brought on CME Consultants to begin its geochemical program and about a week later announced that rock and soil samples were sent off for lab testing. IMC International Mining (OTC:IMIMF) (CSE:IMCX) is now awaiting results from over 460 samples submitted for lab testing. When it comes to any gold company, especially exploration stage companies like IMC international, results are critical to the viability of a property as I’m sure many would agree.
Armed with more cash and still waiting on results, right now may be an important time to watch a company like IMC International. On top of that, the fervor for gold seems to have grown at the start of the month as gold prices have started heating up again. In preparation for the first full week of May, take a moment and read the full report on IMC International:
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