gold stocks to buy or sell today

Gold stocks have enjoyed one heck of a rally over the last 12 months. To think that the price of gold was $1,277 on May 21, 2019 is almost crazy to fathom. In just 1 year, the price of the precious metal has climbed 40%. In terms of metals and mining, that’s pretty remarkable. Why say this? Let’s consider the 12-month periods leading up to this year.

[Read More] Why Are Gold Stocks Down Today?

May 21, 2018 to May 21, 2019 saw the price of gold actually decline slightly, overall. While there was a push above $1,300, that was fleeting. In the 2017-2018 period, the price of gold jumped 2% overall. That period was much more volatile, however with prices jumping to over $1,360 and nose-diving to lows of under $1,240.

price of gold may 2020

For the most part, gold prices haven’t seen a consistent uptrend like this since before 2016. What’s the point? Gold has been hibernating for a while now. Given the extended bull market – the longest in history – gold hasn’t had a necessity as a safe-haven. Amid record high after record high and strong global economies, safe-haven gold stock took a back seat. But like Rudy, they’ve recently come into the limelight.

Can Gold Stock recover Before June?

Given the heightened sense of economic optimism, gold stocks have taken a back seat over the last few days. This isn’t necessarily alarming considering it has traded near 2020 highs for the last few weeks. This “channel trade” has been great for gold stock traders taking advantage of the $100 swings in the price of gold. While the overall trend hasn’t fallen apart, the second half of this week has been difficult for gold stocks.

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Eldorado Gold (EGO Stock Report), like other gold stocks to watch, gapped down on Thursday. Shares dipped below $9 for the second time this week. This continued a downtrend that started earlier in the day on May 20. Overall, the trend remains intact for the time being. After EGO stock firmly jumped above its 50- and 200-day moving averages, the gold stock seems to have begun firming a new minor support levels around $8.80. Its potential major support level recently appears to have been around $8.45. This was an area of previous resistance back in January.

New Gold stock (NGD Stock Report) also dipped on Thursday. However, by the end of the session, NG stock managed to recoup most of its intra-day losses. The company also announced the voting results from the election of its Board of Directors at New Gold’s Annual General and Special Meeting of Shareholders held on May 20. For the quarter, New Gold stock is still up nearly 120%. It was also one of the few gold stocks that closed relatively flat from the last two days of activity.

What’s In Store For Gold Stocks?

best gold stocks equinox gold (EQX)

While others like Yamana gold stock (AUY Stock Report) and even Equinox Gold stock (EQX Stock Report) fell victim to this late-week decline this probably isn’t the end for gold. Analysts are expecting much more out of gold. That’s not unwarranted either in my opinion. No matter what happens with the economy in the near term, there’s a lot of money to account for from the stimulus and let’s not forget that interest rates at these levels may be “tough to navigate”.

Shaun Djie, Digix co-founder and COO recently had some things to say addressing the future of gold. As far as gold bulls are concerned, these may be words to keep in mind.

My personal view on gold is very bullish. Prices have a lot more room to grow from here. Currently, we are seeing levels of $1,750, but gold can potentially climb closer to $1,800 or $1,900 even in the next quarter…In the next 10 years, gold will continue to be volatile. Gold would trade anywhere between the levels of $3,000 or $4,000 in the next ten years.”

Midam Ventures, LLC | (305) 928-8939 | 1501 Venera Ave, Coral Gables, FL 33146 |
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