Wednesday 6 September 2017

ABX - miners cooling from resistance

With the precious metals in cooling mode, the related miners followed. Barrick Gold (ABX) settled -2.0% at $17.85. Near term outlook is very mixed, as despite being cyclically high, if Gold turns back upward (not least on any geo-political upset), then the miners will surge upward.


ABX daily



ABX monthly



Summary

Suffice to add, Barrick remains my favourite miner. Technically, its still yet to clear the Feb' high of $20.67, but considering Gold and copper, that looks increasingly probable this coming autumn.

Seen on a giant monthly cycle, price structure from summer 2016 could be argued is a giant bull flag. That would be provisionally confirmed on any break above the Feb'2017 high, and fully confirmed >23.29.

Key thresholds for the bullish miners: Gold $1400s, Silver $22s, and copper >$3.00. Its notable that copper is leading the way, and managed a key August settlement of $3.10.