Best ASX Gold and Mining Stocks Trading Near Recent Lows

The ASX materials and gold sectors have come under sustained pressure. Spot gold has fallen to multi-month lows near US$4,000–4,025 an ounce amid higher oil prices, inflation concerns and shifting rate expectations.  

Gold producers and explorers have been hit hard. The S&P/ASX All Ordinaries Gold sub-index dropped more than 5% in a single session. Materials indices have also posted multi-session losses as iron ore and copper prices weakened.

Several stocks are now trading close to recent or multi-month lows. Technical indicators across the group show oversold readings, prices below key moving averages, and tests of support zones.  

Here are three clear examples (data around 23 October 2026 closes).

1. Fortescue Ltd (ASX: FMG)

• Closed near $14.27, trading as low as $14.13

• Multi-month and approaching 15-month lows  

• Down more than 30% year-to-date and over 15% in the past month  

Technical picture  
Price sits below the 5-, 10-, 20-, 50-, 100- and 200-day moving averages.  
Short-term averages cluster near $14.30–$14.60; longer-term averages sit higher around $15–$16.  

RSI(14) has printed in the mid-to-high 20s (oversold). Williams %R is also deeply oversold.  

• Support: $14.13 recent low and the $13.90 zone  

• Resistance: $14.50–$15.30  

Volume has been elevated on down days. The trend remains bearish across short, medium and longer timeframes until a sustained reclaim of the declining averages.

2. BHP Group (ASX: BHP)

• Trading near multi-month lows around $55–$57  

• Well below year-to-date highs near $67–$68  

Technical picture  
Shares are testing or trading beneath shorter-term moving averages. The 200-day moving average (previously near $57.30–$57.60) has acted as a reference support level.  

Recent sessions show lower highs and lower lows within a broader consolidation. RSI readings have approached oversold territory in the mid-20s on some timeframes.  

• Support: $54.50–$55 area and the rising longer-term average  

• Resistance: $58–$60 and the declining 30- and 50-day averages  

The structure remains under pressure pending a decisive hold above the 200-day and a reclaim of intermediate averages.

3. Ora Banda Mining (ASX: OBM)

• Fell sharply to around $1.11 (intraday lows near $1.09)  

• Drop of roughly 15–16% in one session  

• Now near its recent lows  

The move reflected the broader gold-sector sell-off rather than company-specific news.  

Technical picture  
Price has reversed earlier gains that had seen it reclaim the 200-day moving average near $1.34. Short-term momentum has turned negative, with elevated volume confirming the decline.  

• Support: $1.09–$1.11 session lows  

• Resistance: prior consolidation and the recent 200-day reclaim higher  

Higher beta to the gold price has amplified the downside relative to larger producers.

Broader Context

Across these names:  

• Prices are testing or sitting near recent swing lows  

• Multiple moving averages are sloping downward  

• Momentum oscillators are in oversold or near-oversold zones  

The gold sub-index and materials sector have underperformed the broader ASX 200, which has been supported by financials.  

Commodity price direction, inflation data and any stabilisation in bullion will remain the key external influences on whether these support zones hold.

Technical conditions can change quickly with volume and news flow. This overview is based on publicly available price and indicator data for informational purposes only and does not constitute financial advice or a recommendation.