$GOLD Buffett Sees Value in Barrick Gold
Potential upside targets in Barrick as it gets the boost from Berkshire buying.
GOLD trade ideas
Should you follow the Oracle of Omaha?Read article here
If you have been following my post, then you know I have been bullish on gold for a while.
The recent sell off in Gold and silver has created quite a panic among the traders community, fearing for a bear market.
Imo, I think this correction is a healthy one as both Gold and Silver have been going up over 100% since the March Low. Is a 10% correction something to fear about ?
I have also stressed the importance of diversification and not be overly confident that the price will continue to go up and up. If you have XAUUSD, Gold ETF, Barrick Gold stocks and last week drop will accumulate to more than 40% drop in your portfolio. That can wipe out your profits, perhaps caused a margin call and worst of all, dent your confidence in the market.
I have reiterated my bullish stance on Gold and Silver and believer there are still rooms to move on top and that is why I am not selling yet but neither am I adding at this moment. Looking at the US indices, it is possible a short term correction is on the way (sideway then fall) and that can either caused PM to follow or react the opposite way.
You want to have a wider safety of margin as the price gets toppish and protect your positions accordingly.
Trade safely !
BARRICK GOLD CORP with a great BUYHey my MoneyTraders,
price is testing a very strong resistance and currently trying to break through.
The current strong trend looks parabolic and resistance seems to loose the success rate.
The next breakout will give us a great opportunity to follow the trend.
LEAVE A LIKE AND A COMMENT to support my work. :-)
Peace
Get rich or die trading
Barrick Gold BUY LONGPrince is now in a strong Demand zone
Has made wedge compression pattern .
Covid crisis its making market to move safety assets and they are buying gold .
No one wants inflation knocking their door.
-Wedge
- Pullback & retest complete
We gonna buy and wait , target is long term.
Watch yor risk , and support with like and follow!
goldGold has done well in recessions in the past and extremely well during depressions. Considering our current economic situation, gold has a driving force to keep the price moving in a bull pattern. From the last big correction it has entered this channel and is testing the lows below the moving average. Unless we see a large correction like we saw in Feb/March this is a good buying opportunity, then sell at mid to top range of channel.
GOLD (As in BARRICK GOLD) - A double in two years?The horizontal support\resistance around 22.50 seems to have great significance to Barrick Gold. Last time it consolidated below it for roughly 8 years was between 1997 and 2005, then it broke out, backtested 22.50 twice (black arrow marker), and went on to more than double in less tha 3 years (May '05 to March' 08). Not a bad trade for someone who doesn't want to speculate on small exploration stocks, and prefers a solid big producer. Today Barrick is even bigger, with the acquisition of Randgold Resources among other things, and it JUST broke out from 22.50 after a 7 year consolidation. Backtest is in the books (yellow arrow marker), and if it stays inside of the BLACK rising channel, it can hit all time highs at 55.65 as early as June 2022. Even if it were to take longer to get there, it would still be a double from today's price. Note how the 100 weekly EMA (yellow) is a good indicator of the overall longer trend, and now it's pointing decisively upward.
I see a possible resistance zone around 31.70, which I believe will give way sooner or later, but could require some consolidation. I also believe that ATH will be taken out during the course of this precious metals bull, but let's get back there for now and then reasses.
Full disclosure: long Barrick Gold at 1% of total assets, and looking to increase exposure on weakness. For those trading on the Toronto Stock Exchange, the ticker symbol is still ABX.
