Randgold Resources ( GOLD) is engaged in gold mining, exploration and related activities. The stock is trading up 9.6% at $89.16 in recent trading. Today's Volume: 1.2 million Average Volume: 729,952 Volume % Change: 226% Shares of GOLD are surging higher after Stifel Nicolaus upgraded the stock from hold to buy and issued a $110 price target. The firm said that GOLD maintains an attractive growth profile, stable operating margin outlook and favorable exploration opportunities. From a technical perspective, GOLD is gapping up huge today on heavy volume. Despite this large move, the stock is still trading below both its 50-day and 200-day moving averages, which is bearish. That said, if the stock can manage to close near its daily highs today, then it could make a run at its next significant overhead resistance level of $94.77. Traders should look for long-biased trades only if GOLD closes near its daily highs, then take those highs out on Tuesday with volume. Look for volume on that move that's near or well above 729,952 shares. If get that action, and then a move over $94.77, look for GOLD to fill some of its recent gap down in price from $105. Randgold, one of 9 Gold, Oil Stocks That Rise on Bad News, shows up on a list of 8 Stocks John Paulson Loves.