Chart of the Week: Agnico Eagle Mines
Hey good morning everyone. Happy Wednesday. It’s time for our chart of the week. And we’re gonna be focusing on gold miner Agnico Eagle Mines; AEM is the symbol. So let’s look at this chart. It’s been pretty bullish so far in 2025.
Before we start with Agnico Eagle Mines, let’s talk about gold for a moment. GLD, which is the ETF for gold, up 12% in 2025 alone. We’ve had a huge shot upwards in gold, and the GLD is reflecting that. It is at new all time highs – $272.
So going back to Agnico Eagle Mines, the stock has reflected the same run in gold as the GLD. The stock is up sharply – it’s up about 16, 17% so far in 2025. But what we like here in this chart is this nice sharp move up to an overbought reading and then a bit of a pullback. And we call that a cup and handle pattern, where we have the cup – let me make it for you right here – we kind of have the cup right here – and the handle right here. What that is, is basically building the right side of the base, carved out the right side of the base over here, stopped going up, and then it pulled back a little bit on shallow volume. You can see the volume prints here the last four or five days has been lower as the stock has been coming in here.
What we like to see is Agnico Eagle Mines move above this line, which is connecting lower tops from the past seven to 10 trading days, to get a good feel for a breakout here.
But you know, money flow has been strong. The MACD did roll over, but it was pretty well overbought just a couple of weeks ago. Relative strength has pulled back a little bit, which is what you kind of like to see when you get an overbought reading, and settled down to this space where buyers and sellers tend to meet up.
On this breakout here, we wanna call this out here, which is a great breakout above those October highs. It went up on excellent volume over here. You can see that took place right here. We had some excellent volume prints above that, looks like the $87 – $88 level. And it continued to move upwards, with making higher highs and higher lows. And that is our textbook definition of an uptrend.
So take a look at Agnico Eagle Mines. It’s a nice pullback over here form the recent highs of about $103. We’re down about 5 1/2%. This would probably be a good spot to add in, especially if gold continues to stay strong, gets over that $3,000 barrier, which it ran into a couple of weeks ago.
So take a look at Agnico Eagle Mines, AEM.
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