This Down-and-Out Asset Looks Oversold—Here’s How to Play It Higher

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  • Investing is often about reverting to the mean. After one asset soars higher, another is likely out of favor. That will generally change as traders book profits in one area and look for a new trend underway.

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  • A quiet trend has been going on with gold. Prices fell under $1,700 in early March, and have started to show some strength again. As investors look to alternatives to gold such as Bitcoin, the metal has gotten oversold, but is starting to move higher.

    That’s a trend likely to continue to play out. Gold prices moved over $2,000 last year and remain about 15 percent off their highs. With other metals and commodities pushing higher, a continued rally in gold looks likely.

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    Action to take: Barrick Gold (GOLD) is one of the biggest and safest gold mining companies. Yet shares are down over 30 percent since November, and are closer to a 52-week low than a 52-week high. But since the start of March, they’ve started to trend higher.

    Investors might want to start picking up shares here. At 15 times earnings, it’s an inexpensive bet on prices moving higher, and shares yield about 1.8 percent here.

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  • For traders, the start of a new uptrend could result in better returns with a call option. The June $25 calls, trading for about $0.23, could deliver triple-digit returns on a jump higher in gold. If gold prices end up languishing, the loss is minimal.