Gold's Biggest Reversal of 2026 is About to Begin: 3 Stocks to Buy

Gold is down almost 30% in 2026, and while the bears are calling for more pain, there is something no one is talking about that could flip the script entirely on where gold goes next. The setup for a major reversal is quietly building beneath the surface, and for investors willing to look past the headlines, three ASX gold stocks are positioning themselves for what could be the biggest moves of the year.

In the latest Hot Stock Tips Show, Senior Analyst Filip Tortevski and Pedro Banales unpack the technical and macroeconomic signals pointing to a gold rebound, and break down three ASX-listed gold miners set up for potentially massive returns.

Why the Gold Setup Looks Different This Time

Most commentators are quoting gold in US dollars, which paints a bearish picture. The gold futures price still has a little further to go, potentially coming down to around $3,700 to $3,750 before the next major move, which represents about an 8% decline from current levels and could happen within a couple of weeks. What matters more, though, is that volume has come off significantly as price has fallen. That kind of drying up of selling pressure is often a strong precursor to the end of a downward move.

But the more important chart for Australian investors is the Global X Physical Gold ETF (GOLD), which tracks the Australian dollar gold price by holding physical bullion. This is the chart that matters, because Aussie gold miners earn revenue in Australian dollars, making the AUD gold price a far better indicator of their profitability than the US dollar futures price.

On the AUD gold chart, price has come back to a critically important trend line, unlike the futures. Massive buying came through in the recent reversal, with price closing near the high on huge volume. The last time volume like this appeared at a low, price continued on higher afterwards. All of this is lining up to suggest Aussie gold miners could be ready for a big turnaround.

Two other macro factors reinforce the case. Central banks are still buying gold in record amounts, which remains the most important structural driver of the gold price. And if the Reserve Bank of Australia starts cutting rates as inflation eases, a weaker Australian dollar would further boost profits for local gold producers. On the participants side, we are now seeing an uptick in large speculators returning to the market. Institutions have been sellers into retail buyers since around August 2025, but that pattern has finally begun to shift, which is exactly what you want to see before a major reversal.

Stock 1: Northern Star Resources (NST)

Northern Star Resources is one of Australia's largest gold producers and a member of the ASX top 20. It currently trades on a price-to-earnings ratio of around 18, roughly in line with the broader market average, and pays modest but consistent dividends. The keys to success for this stock are watching production growth, updates on its major expansion project, and cost control.

Technically, this is a beautiful chart. Price has come back to trend, and from the recent low buyers have already stepped in, pushing price up around 20%. That is not the market rejecting the level. It is the market accepting it. The last time this trend was tested back in March, we saw a run of roughly 45% from the low. The stock tested trend again at the end of June and has since produced another strong uptick.

On the weekly chart, there is a critical level around $17 that coincides with price action dating back to 2024. After the recent sell-off, buyers recovered almost 20 to 30% in just two weeks, which is exceptional strength. Sellers have dominated since April but have consistently failed to break below the 27 March low. As long as that low holds, this market has a real chance of moving higher. The recent gap that formed on the upside has been filled, and last week's close was right on the high with strong buying, another bullish signal.

The key trigger from here is a break above $22.92, or roughly $23. If Northern Star can clear that level, there is a genuine path back to the all-time highs around $31.

Zooming out to the monthly chart reveals something even more interesting. The current consolidation pattern looks remarkably similar to the one that formed back in 2012 before the stock went on a stellar multi-year rise. History does not repeat exactly, but it often rhymes, and if this pattern plays out in a similar way, Northern Star could see substantially higher prices from here.

Stock 2: Ramelius Resources (RMS)

Ramelius Resources is a Perth-based gold miner with a strong dividend track record spanning seven consecutive years. The recent merger with Spartan Resources, valued at over $4 billion, has strengthened the business considerably, and investors should be watching how quickly its new mining operations ramp up. Lower operating costs mean the company keeps more of every dollar earned in gold sales, so cost discipline is critical to the investment thesis.

The really exciting part of this stock is its cyclical nature. On the monthly chart, Ramelius has produced explosive rises multiple times throughout its history. The 2004 to 2007 move delivered around 1,600%. Later cycles produced moves of 386%, 540%, and most recently 545% into the all-time high. History suggests that after such rises, price tends to consolidate for some time before the next major move. However, this current move has not yet shown consolidation weakness, which is intriguing.

What is helping Ramelius right now is a strong long-term momentum line that has held throughout its recent run. As long as price stays above that momentum, the uptrend is intact. The bounce off the previous all-time high around $2.50 is a positive technical signal, and each of the historical rises came after clean breaks above prior downward momentum lines.

On the weekly chart, price is holding around a more recent support level near $2.90 where previous accumulation occurred. However, the weekly momentum is still pointing to the downside, so this is a stock that requires patience. The key levels to watch are clear. A break above roughly $3.30 signals the next leg higher. A break below $2.90 opens the door for a deeper move down toward $2. The next couple of months will likely determine the trajectory, so this is one to keep on the watch list rather than commit to prematurely.

Stock 3: Regis Resources (RRL)

Regis Resources is the most compelling of the three, and there are several reasons why. First, this company is one of Australia's largest unhedged gold producers, meaning it sells gold at the current market price rather than a fixed forward price. So when gold rises, Regis is a direct beneficiary of the full upside, unlike hedged producers who forgo gains for protection.

The chart correlation with the gold price is remarkable. Overlaying the AUD gold price on the Regis chart shows an almost unison movement on both the up and the down. This makes Regis one of the purest ways to gain leveraged exposure to the gold price on the ASX.

The critical level for this stock is $5.50 to $5.60, which was a previous all-time high the market tried to break for years. It attempted in 2019, again in 2020, briefly in 2025, and now finally broke through. The stock has bounced off this level, which is now behaving as support rather than resistance. This is the huge test. If Regis can hold above $5.60, any entry above this level offers a serious chance of breaking through to a new all-time high. If it cannot hold, the odds of further upside diminish significantly.

The volume signals here are exceptional. The recent weekly volume that came through is genuinely rare. Looking back to 2015, this type of weekly volume has only appeared a handful of times, and each occurrence preceded a major move higher. December 2015 marked the start of a major uptrend. September 2025 preceded another move up. And the volume that came through in recent weeks is at the same magnitude as those historical instigations.

Adding to the bullish case, a gap formed on the upside, which is a classic sign of strong demand buying. Price returned to fill the gap and recovered strongly last week, closing near where it opened. All the short-term signals are bullish, but the market must hold this key $5.60 level. A break above the $7.20 to $7.30 range would open the path back to the $9 to $10 region, offering an outstanding risk-reward setup for those who position early.

Regis has also broken above its downward momentum line on the monthly chart, which none of the other stocks in this analysis have managed yet. Volume is supporting the move, opens and closes are clustering at similar levels rather than showing heavy sell-offs, and price has recovered strongly. For more conservative traders, waiting for the $7.20 break provides a cleaner confirmation entry. For those with the analytical framework to time it earlier, the current setup offers a rare opportunity.

How to Play the Gold Reversal

The three stocks covered here offer different ways to participate in the potential gold reversal. Northern Star is a blue-chip play with strong technical structure and a proven track record. Ramelius offers explosive cyclical upside but requires patience for the setup to confirm. Regis provides the most direct leverage to the gold price and currently offers the most compelling technical setup with a defined risk level.

Each stock also carries different considerations around production, costs, hedging, and project pipeline. Understanding both the technical picture and the fundamental drivers is critical to making informed decisions, and this is exactly the type of analysis we teach students at Wealth Within.

The Bigger Picture: Skills Beat Predictions

Every gold stock analysed above required the same framework to identify. It is not enough to hear that gold might reverse. You need the ability to read price action, understand volume, identify key levels, measure risk and reward, and time entries and exits with precision. Without those skills, you are relying on tips and hope rather than a proven process.

At Wealth Within, our share trading education is designed to give you exactly that framework. For those starting their journey, the Short Course in Share Trading covers the foundational skills of trend analysis, chart reading, and risk management. For those ready to commit to the complete government-accredited program, the Diploma of Share Trading and Investment provides the full five-step approach used by professional traders to identify setups like the ones covered in this analysis. And for graduates wanting to refine their edge with sophisticated techniques including time analysis and Elliott Wave, the Advanced stock trading course is the natural next step.

Final Thoughts

Gold has been beaten down, and the negative sentiment has never been thicker. But this is exactly the environment where major reversals begin. Volume is drying up on the downside. Central banks are buying in record amounts. Large speculators are returning. And critically, in Australian dollar terms, the AUD gold price has come back to trend and is showing strong buying signals.

Northern Star, Ramelius, and Regis each offer different pathways into the same underlying theme. Some are further along in the reversal than others, but the sector-wide setup is genuinely compelling. Combined with a weakening Aussie dollar tailwind and structural buying support from central banks, the case for a major turnaround in Aussie gold stocks over the coming months is arguably stronger than the market currently recognises.

As always, the difference between catching these opportunities and missing them comes down to skills, structure, and preparation. Getting educated before the move, rather than chasing it after the fact, is what separates the traders who profit from major reversals from those who watch them from the sidelines.

Disclaimer: This article is general in nature and does not constitute personal financial advice. Always conduct your own research or consult a licensed adviser before making investment decisions.