It was a rough day for the gold bugs, as with capital market strength, Gold lost more of its inherent 'fear bid'. Barrick Gold (ABX) was particularly hit, after earnings were somewhat mixed, settling -11.1% at $16.93. In May, the core rising trend will be around $16.00.
First, for those interested...
Q1 earnings: http://barrick.com/investors/news/news-details/2017/Barrick-Reports-First-Quarter-2017-Results/default.aspx
As things are, Barrick Gold is now set for a sig' net monthly decline, having swung from an April 12th high of $20.36. Short term price action is clearly bearish, with upper gap resistance of $18.19-19.04.
Let me be crystal clear though...
ABX is one of the better - if not the best Gold miners out there. If you are of the view - as I am, that Gold will break >$1400 later this year, then ABX will be well above the summer 2016 high of $23.38.
The more serious should be keeping a close eye on spot Gold prices, but also the CRB. Those looking for some 'inflation in the system', should be seeking 180/179 to hold, with a summer break >195.