Gold at all-time highs

Nothing but Gold ideas this week from us. With Gold at all-time highs, we’ve been punting some gold stocks over the last few weeks. So, now we check in on some of those Gold ideas and share a few new ones.

Gold

Starting off the Gold at all-time highs post with, you guessed it, Gold. Although Gold has traded higher on an intraday basis, Friday was the highest ever close achieved in history. This is a big deal and is not something to be ignored. We won’t ramble on about our macroeconomic views here now since we are here to look at Gold stocks, but this is a big moment and we should all be paying attention.

Gold at all-time highs
Vaneck Vectors Junior Gold Miners ETF (GDXJ)

With Gold closing at an all-time record high close on Friday, it seems that the time for the goldies has come. Here we see GDXJ (Junior Gold Minders ETF) really pumping hard on Friday. Our view is that these gold stocks are going to absolutely fly, but the trade setup is up to the swing high around $39. Once there, maybe take most off and let the rest ride on a trailing stop loss.

Gold at all-time highs
Barrick Gold Corp. (GOLD)

We published this trade idea on our TradingView profile on the 14th of February 2024 as a little Valetines Day gift for you guys (we hope you liked it). So now we update this idea. Originally the call was to buy in the high probability buying zone and ride the move up to resistance around $18 to $18.50. The best possible entry is now behind (below) us, bit there is still a great risk-reward trade on the card here.

Gold at all-time highs
AngloGold Ashanti (ANG)

With Gold at all-time highs, the gold stocks should be getting a move on really soon. If this upper range support breaks (which coincides with 200-day moving average), then I think this stock pulls a bitcoin.

DRD Gold (DRD)

We published this trade idea on our TradingView profile on the 28th of February 2024 and even mentioned it on Trade of the Week on BDTV on the 26th of February 2024. Lots of upside potential here given Gold at all-time highs, and the stock is still around our original entry, so worth a shot if you have not gotten in yet.

Agnico Eagle Mines Ltd (AEM)

AEM was another Valetines Day gift on our TradingView profile on the 14th of February 2024. The trade is doing well, and we think that AEM will probably trade to the swing highs at $56 rather quickly. If you are only getting in now, you could put your stop below $48 to ensure a decent risk-reward.

Gold at all-time highs
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*Please note that these trade ideas form part of a larger weekly plan and the value of financial products can increase as well as decrease over time, depending on the value of the underlying securities and market conditions. The risk of loss arising from trading in Contracts for Difference can be substantial. You should carefully consider whether such investments are suitable for you in the light of your circumstances and financial resources.

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Every week needs a new plan!

Markets change all the time. New fundamental drivers emerge, technical setups mature or fail and our trading plan must adjust in order to keep up with the ever changing environment. Every week we highlight some of the trade ideas that are generated within our client community so that you can stay on top of what we're looking out for and planning to trade at the beginning of each week. 

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