jcccheung21

jcccheung21

- Price has formed a bullish pennant triangle and is looking to break out. - Healthy RSI and MFI that have come down from overbought levels. - Target is $2,100 with possible resistance at $2,076 from ATH.

jcccheung21

Gold has been trending higher for the past month and broke out of the recent 3 month range of $1,680 - $1,750 and is back in the long-term ascending channel from mid-2018. While the move is bullish, the upper bound of the long-term ascending channel has proven to be strong resistance (3 key rejections) in addition to the $1,792 resistance line dating back to 2012....

jcccheung21

Gold looks like it will experience weakness in the near term as it enters a seasonally weak period from end of May to June and has broken below several key technical areas: - Lower bound of long-term ascending channel from mid-2018 - Lower bound of the triangle formed in mid-April - $1,725 support level Currently the price appears to be trading a newly formed...

jcccheung21

The large triangle pattern finally resolved today to the downside on decent volume. Based on the triangle, price target is $6,500.

jcccheung21

Silver has run up in the past 2 weeks and is starting to cool off with a base building between $16.80 and $17.55. RSI and MFI are right in the middle and MACD is starting to cool as well. Looking for it to consolidate in this new range for the next week before hitting the lower bound of the ascending channel that started back in mid-March. Price action appears...

jcccheung21

Gold retraced as expected to the $1,721 at the lower bound of the short-term ascending channel and has reclaimed both the $1,725 resistance line and lower bound of the long-term ascending channel. Next, it is expected to rebound with the completion of the triangle to $1,765 at the upper bound of the short-term ascending channel. There could be resistance at the...

jcccheung21

Gold is in a short term pennant triangle and resolution should be coming shortly. Price is currently sitting just above the upper band of an ascending channel from beginning of May and is crunched between the upper band of a longer term ascending channel that has been acting as resistance since mid-2018. Looking for short-term pullback to the $1,736 level and...

jcccheung21

AUY continues in an ascending channel with a bounce off the middle of the channel on good volume after it announced drill results to extend the life of its mines. Other noteworthy items are AUY trades above its 50, 100, and 200 SMA on the 2 hour and daily timeframe with RSI and MFI looking elevated but not in overbought territory yet.

jcccheung21

Earnings were strong on the top line (+43% YOY) and EPS (+14% YOY) but did not have much of a reaction. News may have been priced in already.. Price action to see the resolution of an ascending triangle which should be to the upside. However, gold has been going sideways the last 3 days and a break lower will be drag NEM down. Let me know if you would like to...

jcccheung21 Updated 

Price has been trading along trend lines. Will see how this plays out overnight.

jcccheung21

Barrick has been in an ascending channel since it bottomed in mid-March with multiple tests of the channel and 1 failed breakout after a parabolic rise. Move appears healthy with a slow grind higher. Post-FOMC, gold continues to trade bullishly with dips being bought prior to the meeting and big spike after "whatever it takes" message from Powell. Since gold is...

jcccheung21

- NEM has been trading in an ascending channel since bottoming in mid-March. - Up move has slowed and is now testing the lower band again. - If this holds, it will continue in the uptrend. Note that 50MA has been support as it tests the lower band as well. - If it breaks to the downside, looking for it to break through support at $59 and test the $56.50...