A clear setup; with the long-term chart (M) month. in downtrend. The Current-chart (W) Week is also in downtrend. the (W) is in clear move up, lots of buying to support this momentary fake uptrend. How do I know it is fake. Well one never knows anything as a disclaimer for any trading position; we stack up odd Enhancers in our favour.
So, why did I take the SHRT...
Barrick Gold (ABX) Q1 Earnings In Line, Sales Beat Estimates. Technicals confirm bullish sentiment. RSI downtrend broke above. V bottom on higher TF. Coppock heading to break 0 line. FIB retracement 50-61.8%. Recently price of GOLD have stabilized finishing the downward movement since 2012. Expectation for appreciation in metal prices. Long-term BUY. Good Luck
Look for strong resistance at the $25.40 area, with retesting the bottom of the channel.
This has broken out of the bearish trend from August of 2016, with RSI trending up (clear bull divergence here).
It had been an unstable year for miners, with metal prices starting near multi-year lows as executives drew from a common playbook. However, the stock is not yet fizzled out. A trade setup has been marked well on the chart.
