Gold Stocks are Ready to show some shine again!
Timeframe: Weekly
After September's 2022 Low, the stock has experienced 65% rally which has ended end of January 2023 and followed by a healthy correction of 18%.
The correction did only give a chance for buyers to jump in, where we have seen large buy side volume, then continuous buy side interest until End of April - Start of May 2023, where sellers jumped in again and released some profits.
Interestingly price has corrected almost at same percentage (17% this time and 18% previous wave).
From Fib perspective, prices have reacted in a very positive manner at 0.618 level by having long wicks from the bottom.
Timeframe: Daily
Price is moving between 44$ and 47$, since almost one month and which we can consider sideways. Last candle (16.06.2023) is showing indecision between buyers and sellers, the sellers that denied the move of the price above EMA100.
Interestingly during almost one year, eachtime the price moves above EMA50 experiences a rally of at 16%. So a safe trade, would be to wait until a daily candle closes above EMA50.
As a target, Fib-Extension draws the old ATH as FIB 1 (Weekly timeframe), which a 28% move.
Stop Loss: Closing below EMA200 (Daily)
After September's 2022 Low, the stock has experienced 65% rally which has ended end of January 2023 and followed by a healthy correction of 18%.
Interestingly price has corrected almost at same percentage (17% this time and 18% previous wave).
From Fib perspective, prices have reacted in a very positive manner at 0.618 level by having long wicks from the bottom.
Timeframe: Daily
Price is moving between 44$ and 47$, since almost one month and which we can consider sideways. Last candle (16.06.2023) is showing indecision between buyers and sellers, the sellers that denied the move of the price above EMA100.
Interestingly during almost one year, eachtime the price moves above EMA50 experiences a rally of at 16%. So a safe trade, would be to wait until a daily candle closes above EMA50.
As a target, Fib-Extension draws the old ATH as FIB 1 (Weekly timeframe), which a 28% move.
Stop Loss: Closing below EMA200 (Daily)