NEW YORK (TheStreet) -- Gold mining stocks such as Barrick Gold (ABX) , Goldcorp (GG) , Newmont Mining (NEM) - Get Reportand Yamana Gold (AUY) - Get Report remain appropriate choices as holdings in diversified investment portfolios to hedge the downside risk in global stock markets.

The weekly chart for Comex gold will shift to positive if it closes Friday above its key weekly moving average of $1,128.9 as weekly momentum will be rising above the oversold threshold of 20, with a projected reading of 20.28 for this week.

Gold ended Wednesday at $1,133.3 the Troy ounce, down just 4.3% year to date. Given a positive weekly chart, gold can rebound to a key level on technical charts of $1,195.7 in play until the end of the year.

Here is the daily chart for Barrick Gold:


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Barrick Gold closed at $7.90 on Wednesday, down 26.5% year to date, with the stock below its 50-day and 200-day simple moving averages of $9.13 and $11.27, respectively. The stock has been below its 200-day since Sept. 2, when this average was $18.12.

Barrick Gold is up 21.2% since trading as low as $6.52 on Aug. 5.

The weekly chart is negative but oversold, with the stock below its key weekly moving average of $8.54. The weekly momentum reading is projected to rise to 11.49 this week, up 8.49 on Aug. 14, still below the oversold threshold of 20.

Note that the stock has been below its 200-day SMA since the week of Oct. 5, 2012, when the average was $42.34. This average is now $24.68.

Investors looking to buy Barrick Gold should place a good 'til canceled limit order to purchase the stock if it drops to $5.65, which is a key level on technical charts until the end of this week.

Here is the daily chart for Yamana Gold:


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Yamana Gold closed at $2.29 on Wednesday, down 43% year to date, with the stock below its 50-day and 200-day SMAs of $2.55 and $3.59, respectively. The stock has been below its 200-day since Aug. 19, 2014, when this average was $8.73.

Yamana Gold is up 33.1% since trading as low as $1.72 on Aug. 5.

The weekly chart is negative but oversold, with the stock below its key weekly moving average of $2.42. The weekly momentum reading is projected to rise to 11.73 from 7.74 on Aug. 14, both well below the oversold threshold of 20.

Note that the stock has been below its 200-day SMA since the week of April 12, 2013, when the average was $13.33. The average is now $10.67.

Investors looking to buy Yamana Gold should place a good 'til canceled limit order to purchase the stock if it drops to $1.55, which is a key level on technical charts until the end of this week. Keep in mind that buying a stock below $3 a share should be considered an option on survival.

Investors looking to reduce holdings should place a good 'til canceled limit order to sell the stock if it rises to $6.96, which is a key level on technical charts until the end of the year.

Here is the daily chart for Goldcorp:


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Goldcorp closed at $15.14 on Wednesday, down 18.3% year to date, with the stock on the cusp of its 50-day SMA of $15.14 and below its 200-day SMA of $18.73. The stock has been below its 200-day since Feb. 6 when this average was $23.84.

Goldcorp is 22.6% above its July 24 low of $12.35.

The weekly chart shifts to positive if the stock ends this week above its key weekly moving average of $14.94. The weekly momentum reading is projected to rise to 19.67 from 13.47 last Friday.

If momentum rises above the oversold threshold of 20, the weekly chart shifts to positive.

Note that the stock has been below its 200-day SMA since the week of Nov. 23, 2012, when the average was $42.50. This average is now $30.08.

Investors looking to buy Goldcorp should place a good 'til canceled limit order to purchase the stock if it drops to $12.95, which is a key level on technical charts until the end of this week.

Investors looking to reduce holdings should place a good 'til canceled limit order to sell the stock if it rises to $17.97, which is a key level on technical charts until the end of next month.

Here is the daily chart for Newmont Mining:


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Newmont Mining closed at $17.93 on Wednesday, down 5.1% year to date, with the stock below its 50-day and 200-day SMAs of $20.58 and $22.23, respectively. Newmont is 11.6% above its Aug. 10 low of $16.07.

The weekly chart is negative but oversold, with the stock below its key weekly moving average of $19.36. The weekly momentum reading is projected to inch higher to 8.55 this week from 8.16 last Friday.

Note that the stock has been below its 200-day SMA since the week of Nov. 2, 2012, when the average was $52.70. This average is now $35.13.

Investors looking to buy Newmont should place a good 'til canceled limit order to purchase the stock if it drops to $16.80, which is a key level on technical charts until the end of next month.

Investors looking to reduce holdings should place a good 'til canceled limit order to sell the stock if it rises to $26.83, which is a key level on technical charts until the end of this month.

This article is commentary by an independent contributor. At the time of publication, the author held no positions in the stocks mentioned.