Wednesday, 1 March 2017

ABX - finding support at the 200dma

With the precious metals trading inverse to the broader capital market strength, the related mining stocks opened significantly lower. Barrick Gold (ABX) saw a morning low of $18.14, but buyers appeared around the 200dma... with the stock settling +1.8% at $18.91. Mid term outlook remains bullish.

ABX, daily


Suffice to add... both the miners and the metals are cyclically low, and are due (at least) a few days of upside. Mid term outlook remains bullish... as 'Mr Inflation is out there'.

For those who like shiny things...