This column was originally published on RealMoney on March 3 at 11:56 a.m. EST. It's being republished as a bonus for readers.

Harmony Gold ( HMY) and Compania de Minas Buenaventura ( BVN) are still my top choices to play the rise in gold.

If Comex gold closes above my monthly pivot of $570.90 Friday, I expect prices to rise through March to set a new 52-week high -- indeed, the chart could go parabolic. Investors and central bankers are continuing to buy more gold, and demand remains high for gold jewelry in emerging economies, with many families being first-time buyers.

Gold is below its Feb. 2 high of $579.50, and it held its 50-day simple moving average at $538.10 on weakness into Feb. 14. There is overbought momentum on the weekly chart; weekly closes above the five-week modified moving average of $548.60 would support a move to higher prices. My semiannual pivot of $551 should now serve as semiannual support.

The precious metals industry is 31.6% overvalued, but Harmony Gold and Compania de Minas Buenaventura, which I've written about before, are undervalued.

Harmony Gold is rated a hold by ValuEngine. It's trading 6.3% below its fair value of $15.89. The weekly chart profile shows declining momentum, and the five-week MMA is $15.35. Investors should consider adding to this position on weakness to the 200-week SMA of $12.55. If you buy at that level, book profits on a rebound to my monthly pivots, $15.31 and $16.37. If it rises to my annual pivot of $17.89 first, investors should reduce this position by 50%. All of these trades can be preset through good-till-canceled (GTC) limit orders.

After the close Thursday, Buenaventura, Peru's biggest precious metals producer, reported a 31% increase in earnings in 2005 to $274 million.

On Thursday, Buenaventura closed at $27.23, 18.4% below its fair value of $33.38. It's rated a strong buy by ValuEngine. The weekly chart profile shows declining momentum, with the five-week MMA at $27.35. A weekly close above $27.35 would shift the weekly chart profile to positive. Investors should consider adding to this position on weakness to my quarterly value level of $23.07 for a return to the annual pivot of $26.03. Given a close Friday above $27.35, the upside is to my quarterly risky level of $31.55, where investors should reduce this position by 50%.

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Richard Suttmeier is president of Global Market Consultants, Ltd., chief market strategist for Joseph Stevens & Co., a full service brokerage firm located in Lower Manhattan, and the author of Technology Report newsletter. At the time of publication, he had no positions in any of the securities mentioned in this column, but holdings can change at any time. Early in his career, Suttmeier became the first U.S. Treasury bond trader at Bache. He later began the government bond division at L. F. Rothschild. Suttmeier went on to form Global Market Consultants as an independent third-party research provider, producing reports covering the technicals of the U.S. capital markets. He also has been U.S. Treasury strategist for Smith Barney and chief financial strategist for William R. Hough. Suttmeier holds a bachelor's degree from the Georgia Institute of Technology and a master's degree from Polytechnic University. Under no circumstances does the information in this commentary represent a recommendation to buy or sell stocks. While he cannot provide investment advice or recommendations, he invites you to send your feedback -- click here to send him an email.