Barrick Gold - Ascending Channel Intact Post-FOMC
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 trading higher with multiple tailwinds, Barrick appears ready for the next move up because:
- Channel respect today after initial drop from false breakout,
- Above rising 50, 100, 200 MA, and
- Sideways movements the last 2 weeks heading towards the bottom of the channel.
If it breaks the downtrend for the RSI, it should continue to move higher with resistance at $27.72 from 2008 - 2009.
If it fails to break the downtrend for RSI, likely to move lower with minor support at ~$25 from 100MA and resistance and major support at ~$24 from long-term trend from June 2018.
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 trading higher with multiple tailwinds, Barrick appears ready for the next move up because:
- Channel respect today after initial drop from false breakout,
- Above rising 50, 100, 200 MA, and
- Sideways movements the last 2 weeks heading towards the bottom of the channel.
If it breaks the downtrend for the RSI, it should continue to move higher with resistance at $27.72 from 2008 - 2009.
If it fails to break the downtrend for RSI, likely to move lower with minor support at ~$25 from 100MA and resistance and major support at ~$24 from long-term trend from June 2018.