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Watch This Trade Level For Royal Gold

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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