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It can be difficult to find any favorable trends in a stock market like the one that has started 2016, but one technical indicator is signaling the beginning of a new uptrend for gold mining stocks.
Trader Welles Wilder published his Average Directional Index (ADX), as well as its complementary Plus/Minus Directional Indicator (+/-DI) metrics back in 1978. Calculating ADX is a somewhat complicated five-step process that involves several smoothing measures, but traders typically use ADX and DI to determine trend strength and trend direction. A new trend is formed when the ADX crosses above 20, and Wilder has suggested that an ADX above 25 is a strong trend. In terms of direction, an uptrend is indicated by +DI above –DI.
According to ADX each of the following three gold miners may have just started new uptrends.
Agnico Eagle Mines Ltd (USA) (NYSE: AEM)
Agnico Eagle’s ADX just crossed above 20, and its +DI is well above its –DI, indicating the new trend should be higher.
Related Link: RBS: Sell Almost Everything
AngloGold Ashanti Limited (ADR) (NYSE: AU)
Traders are hoping that the new ADX uptrend will carry this gold miner back to its 52-week high near $13.
Sibanye Gold Ltd (ADR) (NYSE: SBGL)
Sibanye may be the most promising potential trade of the three gold miners. Not only does its ADX of 21.1 indicate that its trend is the strongest of the three, its ADX also has the most upward momentum in the near term.
Disclosure: The author holds no position in the stocks mentioned.
Image Credit: Public Domain
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VanEck Vectors Global Alternative Energy ETF
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CODE : AU |
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ISIN : US0351282068 |
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AngloGold is a gold exploration company based in South africa. AngloGold produces gold, copper, silver and zinc in Argentina, in Australia, in Brazil, in Canada, in Ghana, in Guinea, in Mali, in Namibia, in South Africa and in Tanzania, develops gold and iron in Australia, in Brazil, in Colombia, in Congo Dem. Rep. of and in South Africa, and holds various exploration projects in Philippines. Its main assets in production are CRIXÁS, MINERAÇÃO, SAO BENTO, ANGLOGOLD ASHANTI MINERAÇAO and CRIXAS MINE in Brazil, SUNRISE DAM GOLD MINE in Australia, NAVACHAB MINE and NAVACHAB in Namibia, YATELA, MORILA and SADIOLA in Mali, CERRO VANGUARDIA in Argentina, MPONENG (WESTERN DEEP NO. 1 SHAFT), TAUTONA (WESTERN DEEP NO.3 SHAFT), BAMBANANI, TAU LEKOA, MPONENG, SAVUKA, TAU TONA, GREAT NOLIGWA, KOPANANG and CRIPPLE CREEK & VICTOR (CRESSON MINE) in South Africa, SIGUIRI in Guinea, TEBEREBIE, IDUAPRIEM, OBUASI and KUBI in Ghana, GEITA in Tanzania and TROUT LAKE MINE and CALLINAN MINE in Canada, its main assets in development are MOAB KHOTSONG in South Africa, MINAS-RIO in Brazil, LA COLOSA and GRAMALOTE in Colombia, KIBALI (KILO-MOTO) in Congo Dem. Rep. of and TROPICANA in Australia and its main exploration properties are HUALATAN and ER in Peru, MKURUMU in Tanzania, 777 PROJECT and RIVARD in Canada, LOUBOUGOULA, GOODPASTER and ALAMOUTALA (SADIOLA II) in Mali, BAMBADJI in Senegal, MORRO VELHO in Brazil and SIANA in Philippines. AngloGold is listed in Australia, in Germany and in United States of America. Its market capitalisation is 1.1 billions as of today (€ 1.1 billions). Its stock quote reached its lowest recent point on November 23, 2018 at 10.00, and its highest recent level on November 14, 2024 at 23.93. AngloGold has 47 442 200 shares outstanding. |