GOLD FIELDS Gold fields a pull back is at play on the weekly chart a continuation to the upside is possible
Jsegfi
Gold fields not that glistening right nowInv Cup and Handle pattern has formed on the daily.
We've had the price break below the Brim level but only barely. As a conservative trader, we'll need a stronger break down before there are any fireworks. So I'll be watching this one carefully.
Other indicators show upside to come.
21>7 (Bearish)
Price >200 (Price heading towards it).
RSI<50 (Sell divergence)
Target R156.86
ABOUT THE COMPANY
Gold Fields mining company, a South African gold mining firm.
Company Background:
Gold Fields Limited is a globally diversified gold mining company headquartered in Johannesburg, South Africa. It is one of the largest gold mining companies in the world.
Founded:
Gold Fields was founded in 1887 by Cecil Rhodes and Charles Rudd in what is now the city of Johannesburg.
Operations:
The company has operations in multiple countries, including South Africa, Australia, Ghana, Peru, and the United States.
South African Operations:
Gold Fields' South African operations include the South Deep mine, located in the Witwatersrand Basin. South Deep is one of the largest gold mines in the world and one of the deepest mines.
International Operations:
Gold Fields' international operations cover a diverse range of mines, including open-pit and underground mines in various regions around the world.
UPDATE GoldFields slight pull back before heads to target R346W Formation formed on GFI a while ago.
The price broke up and since then it was moving up for the first few weeks.
Then when the gold price started its consolidation, so did the gold companies.
This has formed a falling wedge. Once the price breaks above the pattern, we will see it continue its upside.
RSI>50 - Bullish
7>21>200
Target R346.54
REALITY:
Holding onto this trade as a trader is very long in terms of duration.
Not only because we prefer our nature to be short lived with each market.
But also the Daily Interest charges add on. So even though the trade is well in the money, when you look at your portfolio you're earning less that you should when it hits the take profit.
Just something to keep in mind in the futre.
Gold Fields showing strong upside still to R346.54W Formation formed on GFI.
It looks like a CUp and Handle but the second rounding bottom is more than 50% of the cup, so we call this a Short Formed W Pattern.
In some cases, you can say it's even stronger than the basic as the price failed to make a new low - showing how strong the buying is.
RSI>80 - Bullish
7>21>200
Target R346.54
Gold Fields sparked a cautionary SHORT signal to R127.72Inv Rev Cup and Handle has formed on Gold Fields.
The breakout is quite strong and looks like the price is ready to plummet.
The only obstacle in the way is the 200MA which investors might try to buy and hold the price up.
We are seeing mixed signals but the inclination is more SHORT.
21>7 0 bearish
Price> 200 mixed
Target R127.72
ABOUT
Gold Fields Limited (Founded in 1887 by Cecil Rhodes and Charles Rudd) is a South African gold mining company headquartered in Johannesburg which started in Witwatersrand, with operations in South Africa, Ghana, Peru, and Australia.
Gold Fields is one of the largest gold mining companies in the world, with a market capitalization of around $10 billion as of February 2023.
The company produces around 2 million ounces of gold annually from its mines in South Africa, Ghana, and Australia.
Gold Fields employs around 10,000 people in South Africa and is one of the country's largest private sector employers.
GFI trade update not lookign good - We hit a red flagGold Fields we made a BROAD analysis over the medium term.
As it is one of the smaller gold companies, I like to widen the stop loss and take profit accordingly.
So, it's not hit our stop loss yet at R173.80. But it has broken below the uptrend.
Best we can do is just wait, hold and hope.
But if it doesn't work out it's just another 1.5% loss on the portfolio, never a biggy.
Gold Fields showing strong upside to come to R289.22Cup and Handle has formed on the daily and it follows with the upside in the gold price
We have the 7 > 21> 200 MA and Price> 200 which is bullish
Target R289.22.
We also have the Chinese New year with consumers buying gold as gifts, which can push up demand for the metal.
We've seen a bit of a weakness in the U.S. dollar, which you can see with the DIXIE, which can make gold more attractive to foreign investors.
Central banks and other large institutions normally add gold to their reserves at the start of the year.
JSE:GFI Goldfields ReaccumulationGoldfields has broken out of a two (2) year TR and after a backup (BU) has started the markup. Recently after a buying climax, we are seeing a possible reaccumulation range. Some volume is again stepping up and we are looking for a break of the smaller TR for the next step up.
JSE Gold Stocks at Decision PointThe price of gold has been in consolidation and looking weak. It is now testing the yearly pivot point. The JSE stocks have been reflecting this weakness with Harmony showing the most weakness. If the gold price breaks the yearly pivot point we could see quite a bit more downside. But it is holding and a break to the upside could mean an extension of the consolidation area. Watching for price action in the week ahead.
JSE Gold Stock ComparisonGold stocks have been a leading sector in the Resources Sector. Currently, there has been some climactic action and I am expecting some consolidation. However, once the consolidation has completed which stock to take positions in on the next swing. Comparing the relative strength of ANG, SGL, HAR and GFI we see that ANG is the leader of the pack. GFI has also been strong in the latter part of 2018 but has some weakness in the background.
JSE:GFI Goldfields a Wyckoff StudyGFI has been an interesting chart to look at from a Wyckoff perspective. GFI had been stronger than the sector group (Gold Miners J150). However, with the sharp decline was lagging the sector and now is again showing strength. After the initial decline we had a redistribution range with an upthrust after distribution (UTAD), some low volume tests of the UT and a Markdown. Then a smaller accumulation TR was formed on high volume and a nr 3 Spring (low volume spring) which often does not require test before markup. After the initial markup in Phase D we now we see a Backing UP (BU) action to the accumulation TR on declining volume. Once this is complete the mark up in Phase E of the smaller TR will start. This markup should reach the larger TR at around 4500 which will be also be the BU for the redistribution TR which could mark a further markdown of the larger TR. If it breaks 45000 back into the redistribution range this would be very bullish.
