Thursday, November 19, 2020 1:40 PM EDT
Royal Gold Inc (RGLD) is a leading precious metals stream and royalty company. The stock topped out on August 5th, 2020 at $147.64 a share. Since that pivot high, the stock has steadily declined and now trades at $110.07 a share. Royal Gold (RGLD) stock is now trading below its important 50 and 200-day moving averages. This puts the stock in a weak technical position on the charts and signals lower prices ahead.
Traders should now watch the $103.00 area for major chart support. This is an important retrace level from March 2020 lows to the August top. The $103.00 area is also where the stock broke out in early April 2020. Often, markets will have excellent support around prior breakout levels. I will be looking for a long trade around this key support level when tested.
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Disclaimer: All comments made by InTheMoneyStocks, LLC and its subsidiaries, instructors, and representatives are for educational and informational purposes only and should not be construed as investment advice regarding the purchase or sale of securities, or any other financial instrument of any kind. Please consult with your financial adviser before making an investment decision regarding any securities mentioned herein. InTheMoneyStocks, LLC and its representatives assume no responsibility for your trading and investment results. All information on the website was obtained from sources believed to be reliable., but we do not warrant its completeness or accuracy, or warrant any results from the use of the information. InTheMoneyStocks, LLC, its employees, representatives and affiliated individuals may have a position or effect transactions in the securities herein and or otherwise employ trading strategies that may be consistent or inconsistent with the provided strategies. Trading of any type involves a very high degree of risk. Futures and Options trading are not suitable for all investors. Past results are not indicative of future results. InTheMoneyStocks, LLC, its subsidiaries and all affiliated individuals assume no responsibility for your trading and investment results.
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