This setup is almost identical to the AEM setup shared a short while ago. Barrick is in the high probability buying zone, thus offering a great risk-reward setup for new long trades. Stop loss below the buying zone and target at the recent swing high.
Dramatic heading... but with Gold at ATH, the gold stocks should be getting a move on really soon. If this upper range support breaks (which coincides with 200-day moving average), then I think this stock pulls a bitcoin.
With Gold closing at an all-time record high close on Friday, it seems that the time for the goldies has come. Here we see GDXJ (Junior Gold Minders ETF) really pumping hard on Friday. Our view is that these gold stocks are going to absolutely fly, but the trade setup is up to the swing high around $39. Once there, maybe take most off and let the rest ride on a...
PCE numbers came out in line with expectations a few minutes ago and the Gold price is reacting. We think that Gold pushes higher here. It also coincidently is breaking out of a triangle formation. Hold onto your butts (and your gold stocks), cuz things are about to get wild!
We've mentioned our view on Bitcoin maybe a million times (here are some recent posts we wrote about it: herenya.co.za ).
Anyway, halving cycle, about the break the highs. HODL till 2nd week of December, buy any weakness until then. Get out before 2025. Easy game.
So... not to be too negative, but the Top 40 is on key support and if it fails here, we are headed much lower.
You will see there is also a head and shoulders pattern present with the neckline coinciding with the key support.
S&P500 is looking pretty fragile here. If this channel breaks, things get spicey and we head for support much lower. Not trade signal yet but keep a close eye on this channel.
One of two things will happen here, so some patience is required and keep on eye on price action.
If the bottom of the range breaks, the short to the swing lows is on.
If we see it reverse and bounce from here, we have a nice range trade on the cards.
Either way, it's a high probability setup. Our bias is long (aka. we think buy and take the range trade). Just...
Looks like ABG is breaking out higher. First bit of resistance should be the 200-day moving average. Once it's clear of that you can switch to a trailing stop loss.
