ABR trade ideas
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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 !
Warren Buffett buys 20.9 million shares Barrick Gold!Warren Buffett’s Berkshire Hathaway Inc. added Barrick Gold Corp. to its portfolio in the second quarter, sending shares of the world’s second-largest miner of the metal surging.
Good long term investment?
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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!
ABX Barrick Gold: Breakdown happenedit remain`s to be seen further short, more consolidation probably ahead
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.
ABX Gold: further downside move to calculatecorrection seems not over yet, some short can add to current move, GAP closing is possible attraction now
Gold longBe patient wait for it to move closer to resistance of the channel and buy lower-highs and sell at mid-top of channel at higher-highs. Its already below Moving Average which is usually a good buying point but I'm going to wait for a larger drop before I enter my position.
Gold to re-test all time highsWith the uncertainty of the economy due to the covid-19 pandemic, #gold should keep rising and at least test it's all time highs.
GoldIn the middle of a channel for the month. Gold always does well in a bad economy, I am going to wait until its at the lower end and hold. If you look at the 25 year chart it is very undervalued due to unemployment levels, housing, and market growth.
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.
Simple Analysis (GOLD) the market was in a range, then it strongly broke the resistance and came back to do a PULL BACK. The yellow line is a VERY IMPORTANT support / resistance for this market, after its breakout the market can easily reach 43.
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 longHere is an easy ta for GOLD long:
Barrick Gold is consoladtion mode after strong rally. Now, bulls are trying to break through 28 $ ATH resistance.
On the right side you can see GOLD Future, that breaked through 18 $ resistance with high volume.
Both compared could be play on Gold long.:
S3 is showing bullish rally, S2 and S1 are forming trendlines for secondary up-trend.
Furthermore, you can see two important support zones: 23 $ and 26 $ which support secondary up-trend.
Indicators:
BB: Trend is moving above upper band which is normal trying to break resistance, bullish signal (Or overbought)
50 SMA: Trend is moving abvoe, bullish signal
20 SMA: Trend is moving above, bullish signal
200 SMA: Trend is wide moving above, bullish signal
RSI: Crossing under 80, bullish signal
MACD: Crossing, tendency up, bullish signal
1. Wait for breaking resistance and buy in around 29 $, SL set on support zones
2.Option play: Bull put, Strikes around support zones. short time
Good luck for your trading :)
