Market News & Analysis

Top Story

With Gold Perking Up, These Miners Look Of Interest

With gold eyeing 1500 (and possibly beyond) as we head into 2020, here are some gold mining stocks which are displaying promising technicals.

Newmont Mining (NEM): Trading just cents below the 2018 high, we’re watching Newmont closely for a bullish breakout. Price action since the 36 low in November has produced a clean, bullish trend with minor pullbacks. The moving average are in bullish sequence and fanning out, which shows increasing momentum across multiple timeframes, and the 10-day eMA is now acting as support.

Bias remains bullish above 40.31 and for a run towards the 46 high.

  • A break above 42 brings the 26 high into focus, It would be nice to see 42 then turned into support, but not necessarily a requirement as we remain bullish above the 40.31 low.

Royal Gold (RGLD): We may well have seen the end of the correction in November, where an elongated bullish engulfing candle sprang higher from the 200-day eMA. It’s also worth noting that yesterday’s bullish close invalidated a bearish trendline on above-average volume to show bulls are taking back control. That it occurred after consolidating above 113 suggests a higher low could be in place.

  • Near-term bias remains bullish above 113.13
  • A break above 120.66 confirms a change in trend, and suggests it could be headed for new highs in 2020

Wheaton Precious Metals (WPM): It’s safe to say that the bullish wedge highlighted earlier this year simply did not work out as hoped. Neither did it fail as such, but it really should have hit target by now to call it a success. Still, it is producing higher lows into resistance around 28.60 and could be on the verge of a bullish breakout.        

  • Bias is bullish above 27
  • A break above 28.64 / 29.00 assumes a run for the highs at 30.90
  • A breakout and close back below resistance warns of a bull-trap

Related Analysis:
Gold breaks out
Precious metals: Silver breaks out


This report is intended for general circulation only. It should not be construed as a recommendation, or an offer (or solicitation of an offer) to buy or sell any financial products. The information provided does not take into account your specific investment objectives, financial situation or particular needs. Before you act on any recommendation that may be contained in this report, independent advice ought to be sought from a financial adviser regarding the suitability of the investment product, taking into account your specific investment objectives, financial situation or particular needs.

GAIN Capital Singapore Pte. Ltd., may distribute reports produced by its respective foreign entities or affiliates within the GAIN Capital group of companies or third parties pursuant to an arrangement under Regulation 32C of the Financial Advisers Regulations. Where the report is distributed to a person in Singapore who is not an accredited investor, expert investor or an institutional investor (as defined in the Securities Futures Act), GAIN Capital Singapore Pte. Ltd. accepts legal responsibility to such persons for the contents of the report only to the extent required by law. Singapore recipients should contact GAIN Capital Singapore Pte. Ltd. at 6826 9988 for matters arising from, or in connection with the report.

In the case of all other recipients of this report, to the extent permitted by applicable laws and regulations neither GAIN Capital Singapore Pte. Ltd. nor its associated companies will be responsible or liable for any loss or damage incurred arising out of, or in connection with, any use of the information contained in this report and all such liability is hereby expressly disclaimed. No representation or warranty is made, express or implied, that the content of this report is complete or accurate.

GAIN Capital Singapore Pte. Ltd. is not under any obligation to update this report.

Trading CFDs and FX on margin carries a high level of risk that may not be suitable for some investors. Consider your investment objectives, level of experience, financial resources, risk appetite and other relevant circumstances carefully. The possibility exists that you could lose some or all of your investments, including your initial deposits. If in doubt, please seek independent expert advice. Visit for the complete Risk Disclosure Statement.

Important Notice:

Cryptocurrencies are not legal tender currency and trading of derivatives on Cryptocurrencies are currently not covered under any regulatory regime in Singapore. Consequently, investors should be aware they do not have protection under the Securities and Futures Act (Cap. 289). Please ensure that you are fully aware of the risks.