Three Top Gold Stocks to Buy on Dips

April 10, 2024

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Three Top Gold Stocks to Buy on Dips by Ian Cooper

Bullish Option Trades by Ray Frazier

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Three Top Gold Stocks to Buy on Dips
by Ian Cooper

Gold prices are still rocketing higher.

Last checked, the metal was above $2,300 and could see $2,500 this year.

For one, central bank buying isn’t showing any signs of cooling off, with China buying even more for the seventeenth month in a row, says The Wall Street Journal.

Two, issues in the Middle East and speculation the Federal Reserve may soon loosen its monetary policy have also been key drivers of gold’s upside.

Also, according to VanEck’s portfolio manager of gold and precious metals strategies, Imaru Casanova added that, “In recent years, rallies of this type have often been followed by periods of consolidation around an established, higher level, with the metal trading in a sideways pattern until a new catalyst emerges driving prices even higher. The return of investment demand, as evidenced by inflows into global gold bullion ETFs, could be that catalyst, with a potential to drive gold higher,” as quoted by Investing.com.

While some of the top gold stocks have already exploded higher, they could see higher highs. Especially if gold can run even more. Some of the top gold stocks to consider are:

Newmont (NEM)

Since bottoming out in late February, NEM ran from a low of about $29 to $39.40. Technically overbought at the moment, we’d wait for it to pull back before buying.

Bullish Option Trades
by Ray Frazier

The chart below of Ebay is an actual bullish trade that I made between August 13, and August 17, 1999. There is a flat line between 90.74 and 100.98, which is the resistance line that the stock had to cross before I would consider it was making a bullish move up. The lighter curving line is the 21-day exponential moving average and the darker curving line is the 50-day exponential moving average. My buy point was as the stock crossed 98, the resistance line. You can see that the 21-day exponential moving average at that time was right around 98 to 99. Notice that the bottom section of the chart indicates that the volume picked up to the positive as investors created a bottom for the stock at the $70 to $75 level. This was our indication that we would be watching the stock for entry. The second section of the chart indicates that MACD had also made a short-term crossover, as the shorter moving average crossed a longer moving average to the upside just one day later. This was our second indication, or confirmation, that the stock was going bullish and had established the bottom.

So now we have confirmation from two indicators, and the next step would be to get confirmation from the stock price by seeing if it could cross its most recent resistance. Therefore, the buy point would be as the stock crosses its resistance line, which would be confirmation of the two indicators shown on the chart.

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April 10, 2024

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