Chart of the Day: Important Base for EGO as Gold Shines Bright Again

Avatar photo Bob Lang on August 11, 2026

NYSE traders

Gold as a commodity has been a strong performer for years, but there are times when a gradual slide lower is required before the next step up. Recently the metal moved from highs in the 4,500 area but found some good support at 4,000, several times in fact. A solid rise, nearly 10% over the past 10 days has lifted several gold miner names including Eldorado Gold ($EGO), which has seen a strong move above resistance over the past few sessions.

The long base in EGO is important, as we have mentioned prior that the “longer the base, the higher the space” (as technical analyst Louise Yamada says). No question this stock has further to go, as this breakout above the April highs looks very sturdy. The MACD is on a strong buy signal again, while money flow (bottom pane) shows robust buying in this gold miner.

Relative strength has improved and continues to move higher. Nothing better than a strong RSI with a stock making monthly highs. The candles of course tell us strong bullish, they are blue and the stock is now trading above the upper Bollinger band.

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At the time of publication, TheStreet Pro Portfolio was long EGO.

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Posted by Bob Lang

Bob Lang is one of the country’s top options traders, an expert market technician, and a highly sought-after mentor and teacher. He is a private trader in equity and option markets and created his own hedge fund and options trading company called Explosive Options. He is also founder and Chief Options Analyst at Aztec Capital, LLC. He has been a regular contributor to TheStreet Pro's paid subscription products since 2009. Lang is both a short-term trader and long-term stock investor. He utilizes technical and fundamental analysis to find investment opportunities. His coverage for TheStreet Pro specializes in options trading, stock investing, and technical analysis. One of Lang’s claims to fame is his creation of the acronym FANG to describe the top tech companies at the time (Facebook, Amazon, Netflix, and Google). The acronym has since expanded considerably and is still widely used today. He is the author of the book “Know Your Options” and holds an MBA from the University of Redlands. When he’s not providing financial commentary for TheStreet, he can be found on the tennis court, reading, or traveling.

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