Gold mining stocks have been some of the best performing equities in 2020. Leading gold mining stock, Kirkland Lake Gold Ltd (KL), has been pulling back after making a new all time high on August 5th, 2020. The stock has now broken it’s 20-day moving average showing some daily chart weakness. It has also made a daily chart lower high which is often a sign of a further decline for the stock.
Traders and investors must now try to identify where the stock has major chart support. One Level that catches my eye as important chart support is around the $43.00 area. This level is where the 100-day moving average is currently at. It is also where the stock broke out of a side-ways trading range on July 7th, 2020. Often, when a prior break-out level is initially tested it will serve as a solid support area. I will be watching this level for a longside trade in Kirkland Lake Gold around the $43.00 level.
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