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


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.