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IAG Stock In Top Performing Stock With 16.83% Run In One Day

by admin October 22, 2024
October 22, 2024
IAG Stock In Top Performing Stock With 16.83% Run In One Day

IAG Stock In Top Performing Stock With 16.83% Run In One Day

Iamgold Corporation became the top gainer stock after running a whopping 16.83% on Fridays and closed at $5.97. The mid-tier Canadian company focuses on the exploration, development, and production of gold. They have mines in areas like North America, South America, and West Africa. IAG is involved in processes ranging from exploration to production of gold. 

In a recent IAG stock forecast, the company posted an update about their Côté Gold Mine, as this mine produces 68,000 ounces of gold on a 100% basis, with 41,000 ounces attributed to Iamgold’s 60.3% interest. Furthermore, surpassing design capacity by 14%, the plant has reached a daily throughput of 40,900 tonnes. 

IAG Stock Technical Analysis

IAG/USD 15-Minute Chart

IAG stock price target has risen 150% since January 2024. The daily chart suggests potential upward movement soon. Previous analysis shows when the 14 EMA breaks the RSI 70 level, it often leads to a 6% to 10% rise. From September 16 to 27, 2024, the stock faced rejection at $5.50. It finally broke through this level last Friday.

At the current level, the IAG is a good stock to buy as it indicates an upwards scenario with 1st target at $6.35, 2nd target at $5.08, and 3rd at $8.70. As in a higher time frame (Weekly), the stock is in the accumulation zone. And break out of $7.08 can trigger a bull run situation in the higher timeframe. 

The Overall Scenario for Iamgold Corporation

With a market Capitalization of $3.40 Billion, Iamgold Corporation is the 5th most undervalued stock in the gold industry. The company started showing an increase in quarterly earnings from -$9.4M in Q4 2023 to $54.8M in Q1 2024 and $84.5M in Q2 2024. The stock is in the buy zone for investment purposes, as the company has strengthened its liquidity by ending the quarter with cash and cash equivalents of $511.4 million, making it a total of $915.7 million in total. 

Adding Fuel to the rally, the decision for a rate cut by the Federal Reserves has increased the gold value. This increased the gold rate by 30% in 2024, making it the best annual performance since 2010. 

IAG Stock: Buy or Sell?

In recent IAG stock news, Goldman Sachs continues its bullish view on gold with a price target of $2,700 by early 2025. In comparison, ANZ predicts gold will reach nearly $2,805 by 2025 end, clearly projecting the stock’s future in the coming time. 

Iamgold Corporation’s strong performance, alongside solid technical indicators and improved liquidity, makes it a promising contender in the gold sector. Positive market forecasts further enhance its appeal to investors.

The post IAG Stock In Top Performing Stock With 16.83% Run In One Day appeared first on FinanceBrokerage.

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