Tuesday, 28 February 2017

ABX - a third consecutive monthly gain

Barrick Gold (ABX) ended the month on a rather negative note, settling the day -1.7% at $18.58, but that still made for a net February gain of 0.9%. Near term outlook is bullish, as the precious metals have a basic 2-3% of upside - to around the Gold $1300 threshold, with Silver in the $19s.

ABX, daily

ABX, monthly


Tuesday afternoon saw the gold miners implode (for no apparent reason, other than the algo-bots trying to wash out a set of long-stops). The same pattern was seen today, as morning gains were negated with some distinct afternoon weakness. Today saw a seventh consecutive net daily decline (the most bearish run since July 2015 - 10 days down). The closing daily candle was a clear spike reaction from a test of the 200dma.

As things are, a golden cross (50dma above the 200dma) still looks due in the first half of March.

Broadly, the Gold Miners are all leaning upward, as the precious metals are rising month over month.

I cover ABX in depth.. along with GDX, and 12 other individual Gold mining stocks in my first report...


For details: http://permabeardoomster.blogspot.com/p/research-reports.html

   bullish GDX, ABX.. and a fair few other things