Barrick Gold is way oversold and appears to have nice support in the $29-30 range. Daily & weekly RSI in the 40s/30s and trending upward, along with ascending 200 dma on the weekly which we're well above.
I believe this will be the start of a year long uptrend IF volume appears soon and we can keep closing above ~$29. In order for this to happen, the gold chart cannot break down in the short term. We need to stay above $1800 for sure, and $1867 ideally.
People are extremely cautious with gold right now... why buy it when everything else is going up and the JPM riggers and central banks are hard at work keeping gold down?
But we're at a precarious point in time with Covid-19, all this money printing, disinformation and speculation/greed at recent or all time highs... and people know this. People know that gold is going to go up; theres just no rush to be in it... until there is.
Gold looks to me like its nearing a major breakout toward all time highs. I am fairly confident that it will happen this calendar year, and when it does, Barrick will rip through $40 and approach all-time highs in short order.
Recent copper price appreciation will also help reduce their costs significantly. They produce a lot of copper.
Long from $29.50. Stop Loss at $28.20.
Cheers
I believe this will be the start of a year long uptrend IF volume appears soon and we can keep closing above ~$29. In order for this to happen, the gold chart cannot break down in the short term. We need to stay above $1800 for sure, and $1867 ideally.
People are extremely cautious with gold right now... why buy it when everything else is going up and the JPM riggers and central banks are hard at work keeping gold down?
But we're at a precarious point in time with Covid-19, all this money printing, disinformation and speculation/greed at recent or all time highs... and people know this. People know that gold is going to go up; theres just no rush to be in it... until there is.
Gold looks to me like its nearing a major breakout toward all time highs. I am fairly confident that it will happen this calendar year, and when it does, Barrick will rip through $40 and approach all-time highs in short order.
Recent copper price appreciation will also help reduce their costs significantly. They produce a lot of copper.
Long from $29.50. Stop Loss at $28.20.
Cheers