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Possible Bearish Inside Day Candle Pattern Detected for Royal Gold Inc (NASDAQ:RGLD)

By David Diaz

SmarTrend's candlestick scanner has spotted a possible bearish inside day candle pattern in Royal Gold Inc (NASDAQ:RGLD) based on the price action in the company's shares. Today's price range of $117.37 and $117.37 is within yesterday's high and low of the day. This trading action often signifies indecision by bulls and bears to drive prices higher or lower and often implies a possible change in trend. Owners of Royal Gold Inc may want to consider a possible hedge in the event a pullback occurs. Look for confirmation in the next few trading days.

Royal Gold, Inc. acquires and manages precious metals royalties. The Company seeks to acquire existing royalties or to finance projects that are in production or near production in exchange for royalty interests. Royal Gold's gold-focused portfolio contains royalties ranging from those in production and development to those in the evaluation and exploration stages.

Royal Gold Inc (NASDAQ:RGLD) defies analysts with a current price ($117.37) 18.2% above its average consensus price target of $96.04. The stock should find initial support at its 50-day moving average (MA) of $95.31 and further support at its 200-day MA of $86.28.

In the past 52 weeks, Royal Gold Inc share prices have been bracketed by a low of $70.16 and a high of $117.62 and are now at $117.37, 67% above that low price. In the last five trading sessions, the 50-day moving average (MA) has climbed 2.7% while the 200-day MA has risen 0.8%.

SmarTrend recommended that subscribers consider buying shares of Royal Gold Inc on May 24th, 2019 as our proprietary SmarTrend analytics indicated a new Uptrend was in progress when shares hit $86.25. Since that recommendation, shares of Royal Gold Inc have risen 36.2%. We continue to monitor RGLD for any potential shift so investors can protect gains and will alert SmarTrend subscribers immediately.

Keywords: bearish inside day candle royal gold inc

Ticker(s): RGLD