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...
It seems like all trading rules are out of control in this bearish market. One of the Greatest investors of all time Warren Buffett said "be greedy when others are fearful; and be fearful when others are Greedy" this rings true in the mind. However Buffer was an investor & not a traders. the rules differ or both games.
THIS IS ONE OF MY BEST & MOST PROFITABLE...
$GOLD ending a descending wedge. Quite tight, but you can see a completed five waves, and we are right on a 61.8% fib, or a closer 50% fib. I suggest waiting for one more touch of the 61.8% with a stop under the other one for a 7.8:1 trade.
I wish they would remove that ticker GOLD it plays hell with the CFD market. I thought when Randgold was bought it would disappear.
Barrick Gold Corporation surged in the last two week as gold rises amid a global stock market correction. Where the stock price high rocketed to see gains as high as 26%. Now price is trading at key resistance of the bearish channel. Look closely to the performance of gold for the direction of price.
Trade Step-ups:
Bearish Reversal: Price rejects a...
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
Back in December I bought my first shares of a gold mining company, ABX. For much of 2017, it was on a deep downward trend but being one of the largest mining companies in the world and the shares were cheap, I thought what the hell, let's see if she has any life left in her for the long term. Since the beginning of the year it appears to me that ABX has now...
$ABX is a great buy at this level. Been bullish since the start of the year. Had a retrace so its a perfect buy. Stock is oversold. Also crossed the 200 SMA. Long!
ABX has been very bullish for 6 weeks and is starting to lose the momentum which shows up in Bearish divergence in RSI as well..
I'll short on break of lower TL
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.
