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BARRICK MINING CORPORATIONBARRICK MINING CORPORATIONBARRICK MINING CORPORATION

BARRICK MINING CORPORATION

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ABX trade ideas

GOLD, LONG, Second attempt As my last publication on Barrick Gold Corp mentioned, GOLD has some very nice fundamental metrics. Especially compared to its competitors in the industry with similar market caps, GOLD stands out as a leader . I have taken quite a bit of profit this past week to protect gains, as well as closed out some losers. I did have some hedges which helped but I was operating mostly un-hedged on a long bias and my yearly profits went from a 20% gain to 10% gain but I think we needed a good correction. Personally, after securing my profits, besides some beta hedging, I am holding back on most longs until we see a change in market structure. A series of higher highs and higher lows on market indexes is what I would like to see to start shopping for longs. However , I like GOLD as a company and I also like the relationship to bond prices that GOLD as a commodity has. So, I have decided to try a second long after being stopped out before . I think the risk vs reward is good here and it can act as somewhat of a hedge against rising bond yields. I have tightened up the stop from the previous trade too to reduce risk and outlined two profit targets on the chart . Good luck ~
NYSE:BLong
by NAK1987
ABXI opened a LEAP call option with strike price of 40 if I am not mistaken. Willing to accumulate more should it continue to come down to $20 on the share price. This was one of Warrens only Canadian holdings through out last year. It is trading at a massive discount. It is a great hedge against a bearish market on the long side. The case against it would be the following: An inverse cup and handle on the daily from March 16th, 2020 suggest a potential fall from a chart pattern perspective. Although Target analysts are bullish on the stock, some believe it is trading at above fair value. For me, with my style of trading with yearly leaps, I accumulate and all I need is a pop. maybe one that lasts one day, or the ones that carry on for a couple of weeks, and I am out of the trade on a profit.
TSX:ABX
by tsx_trader
4
GOLD LongWilliams Alligator Indicator shows the lips, teeth and jaw lines moving downwards and further away from each other, indicating GOLD is in a downtrend and experiencing bearish momentum. RSI shows that GOLD is oversold, therefore, it might be prime for a trend reversal or price correction. MACD line is under the signal line, and both of them are under the baseline, indicating that GOLD is in a downtrend and experiencing bearish momentum. Overview: Overall, all indicators suggest that GOLD is in a strong bearish trend. Due to that, the RSI suggests that it might be prime for a bullish trend reversal, or price correction. It is best to hold trade for a short period and be cautious with timing as it only aims to profit from the correction, and therefore, a long position is recommended. Entry price should be set slightly higher than current price for assurance, and stop loss should be set at about -5%.
NYSE:BLong
by Amy_VF
2