ABX trade ideas
FOMO in GOLD? Barrick is looking extremely overbought and in a FOMO stage. Weekly charts still show there some upside left. However, historical RSI levels are way too high. Also, if price action turns at these levels and shows signs of resistance, price will cool off. There wont be any real break out until it pops out of this downward channel that appears to be forming. Exercise caution if you are going long. Gold has been in a multi-year bear market. Is this the beginning of a new trend or simply a FOMO rally?
Barrick Gold extremely overbought after 40% rallyThe Gold commodity has had a amazing few weeks for many different reasons but the move in Barrick Gold is beginning to reach the FOMO stage, huge volume has spiked the stock price 40% in less than a month, such parabolic moves should be handled with great care. The rush to safety in GOLD could end, with the upcoming TRUMP XI meeting at the G20 summit, a positive outcome could bring the risk off sentiment to a end, investors will once again jump back into the Semi's and chip stocks, industrials and transports etc. We would be of the opinion that if you missed the rally don't risk joining now with such overbought conditions.
AVERAGE ANALYSTS PRICE TARGET $14.24
AVERAGE ANALYSTS RECOMMENDATION HOLD
COMPANY PROFILE
Barrick Gold Corp. engages in the production and sale of gold and copper, as well as related activities such as exploration and mine development. It operates through the following segments: Barrick Nevada, Veladero, Pueblo Viejo, Lagunas Norte, Turquoise Ridge, Acacia, and Pascua-Lama. The company was founded by Peter D. Munk in 1983 and is headquartered in Toronto, Canada.
GOLD before an additional 48% rise... The exchange rate has entered a correction phase. Therefore a correction wave is expected. This wave should be used for long-distance entry. The analysis shows that the exchange rate creates a fractal movement. Its size is similar to the size of the 1st fractal. Therefore, we can use this target price. And it can be seen that the exchange rate started to rise in the long run. In the drawing, I indicated a red "X" sign which fracture failure strengthens this image. The exchange rate can be traversed by a wave structure with triple structure within the 2nd fracture. For this z rising wave, the target price is 23.94 usd
Barrick Gold before 40% increase... The exchange builds a second wave of a dual wave system. Target price 17.37 usd.
USDJPY and Inverse Barrick Gold >1986 as Store of Equity FundsUSDJPY Yen and Inverse Gold (indicating dollar value - Barrick Gold has longer data to 1986) as Store of Funds for Stock Purchases vs. DJI; with comparisons to USDEUR and the DXY dollar index . Phases of positive correlation and also phases of inverse correlation.
Beginning of Gold UptrendI know this idea is definitely in the minority, however i remain long term bullish.
As you can see on this yearly chart, gold has broken out of its downtrend, (Red Channel). Now in a slight uptrend (Blue Channel) with minor runs possibly lasting 3-4 months. A break of the blue uptrend channel is a definite sell signal.
This idea comes from way out in left field but it has played out thus far and i think it'll continue.
Thanks for reading!
GOLD (Barrick) exchange rate before 8% rise.... The exchange rate has reached the bottom of its correction level. This level could be 12.16 usd. I expect a rise from this level. The rise target price is 13.26 usd. Other Strategic Formatting The "mirror axis" projected on the D1 ATR axis is expected to be tested. This is the primary resistance level.
This is soo badGold ST trending down, Barrick is a bad position. Hope you didn't buy at support...even though I know you did.
P.s. You can compensate the loss by investing in Stocks
GOLD is setting up for new pre earnings run higherOur Money Maker fires and gets confirmed by the slow stochastics and Money Flow becomes a super High probability trade. Nice long swing trade coming.
Barrick Gold # GoldPrice is bouncing off three month demand zone.
Looking to buy at Weekly Demand zone around 10.50 dollars a share
Barrick $Gold - Ready for lift off Barrick has been consolidating for a few months and is ready for lift off to next resistance
Tailwinds: SPX likely topping a head & shoulders pattern + DXY entering consolidation
Only for educational purporses
Barrick Gold LongShort trend broken + new long trend and inverse head and shoulders tested + increasing institutional demand on gold
Don't let them fool youFalse breakout, this is why I always wait for for confirmation. Can't imagine how many lost their money today.
Learn from your mistakes, this particular lesson is 'gold'.
$GOLD Inv Head and ShoulderDate - 3/26/2017
RL - $14.00
T - $18.00
S - $11.48
E - $14.15
Risk vs Rewards - 3.85
$GOLD - end of reversal This looks like inverse head and shoulders reversal for Barrick Gold... Will look for a break out...
