ABX trade ideas
ONCE BITCOIN COOLS OFF, WHERE WILL THEY GO?LONG TERM THERE IS LITTLE DOUBT THE GOLD CYCLE WON'T RESUME IT'S BULL RUN.
With commodity prices skyrocketing due to the potentiality of real negative rates (regardless of what they say) these plays will be a substantial part of my long term.
Barrick Gold's Quarterly Log ChartBarrick Gold's bullish megaphone with a 70$ - 85$ target range in 2023.
A convincing Q2 close above 21.35$ confirms move upwards.
GOLD MARKET UP BIG Gold is cheap. Can it go lower? Of course it could. However, I see more upside risk. There is symmetrical triangle building up. I drew potential break-out road for this pattern based on existing trend lines.
Share your thoughts
Long gold! bounce off previous support and double bottom on RSI, good risk reward here, long 20 stop loss 16.5 price target 28-30 longterm swing play here!
Long GOLD, it is cheapI have a long term gold (commodity) analysis, where it could hit 3500+ easily within the next 10 years.
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 ~
Ugly pattern. Will wait to entry at a better price. Forming a ugly pattern. It might be signaling a deflationary collapse in equity prices (liquidity crisis) on the horizon. Especially when everyone is saying "inflation inflation!" Markets will likely go the opposite and will wipe out all the "inflationary" and "pent up demand" traders. Remember there's never enough money in the system for everyone when they need it.
LONG GOLDExpecting bounce from extremely oversold weekly and daily levels. If stop breached, be prepared to catch new daily reversal on lower levels with a tight stop.
ABX Bullish RSI divergence daily spottedI would expect this will bounce to at least gap fill mid -27. Short term bullish with gold set up a reversal hammer.
Neutral GOLD is now in hard support levelI am still in this position, but Barrick Gold is now in decision to go up or downwards...
If current support level will not be defented, it will go down to lows of 2019, if it goes below 18$
I am now from Long -> Neutral, but holding my position for some days.
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.
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%.
Barrick Gold coming into demand zoneBarrick Gold coming into demand zone and could be a potential pivot point for a long if this zone holds up, historically its a strong support.
BARRICK GOLD CORPORATION. Potential Long Opportunity.NYSE:GOLD
Request for analysis on Barrick Gold
on Monday 22 February 21.
Here's What I think.
Tuesday 23 Feb 2021
Looking at the Weekly Chart
It looks as though Barrick Gold
Has finally found Weekly Support.
After a Long Decline.
Note. The Fib retracement Price has hit the 61.8 Retracement Exactly.
Would Like for Price to Close
Above the Weekly Descending
Trend Line Before potentially
considering going Long.
Similar to the Bullish
Bar Shown on the Chart.
Can Barrick Gold make now the turnaround?Gold was on the pressure in 2020 and maybe now be cheap. Barrick gold has a good standing and may be benifical on current price to be a buy.
All depends for sure on the gold price, which is currently under pressure. But silver and platin are already on it way up, also copper is in a massiv uptrend.
Possible wins possible, if gold price lags behind the trend.
Gold Miners Smoked - Remember 2011, don't be a bag holderRising rates on the long-end are bad for gold and gold miners.
If you want to make MONEY stay long copper and nickel miners (FCX, VALE, BHP, etc.). Also heavily long energy and financials.
Don't get stuck with Peter Schiff, you will regret it.
Barrick Gold is oversold but does not look goodBarrick Gold has dropped a lot recently and could be due for a bounce soon. But the monthly chart of this stock doesn't look good at all. The most recent rise looks like a corrective rebound and eventually more downside coukd be in play.
Big money moving out of big cap gold stocks into Bitcoin ? It might be part of the explanation...
