I am personally long from 3.43 - 2.97 - 2.89 (in that order) Avg. Cost 3.23, SL 3.43, TP 4.75
BTO.TO dropped significantly (roughly 12%) in late September due to a administrative audit (pretty much BS, and nothing will come from it as mining production in this area has not been hampered), and has a lot of room to grow with gold .
Have been pushing BTO in the chat for a few weeks now, however given the fact that it is on the TSX (you can trade BTG in USD if you prefer, same company), the idea hasn't really caught on.
May want to wait for a bounce off of the lower to buy long (I will be adding if it reaches this level), however I am unsure if it will drop to the second unless we see a significant drop in the price of gold .
NY sold off on gold slightly (in the morning, although it was up on the day), and miners sold off with it (never really recovered after the initial sell). BTO broke-even intraday, however was unable to catch a bid as the day went on.
Although we dipped below the initial trend-line, I do not think we're headed for the second trend-line if gold continues to show support in the mid-60's.
I have however moved my SL from 3.43 to 3.35, which is just below the 100EMA, just in case miners continue to act a little weird, and BTO bounces off this are. I will be adding longs at this are as I said before.
I believe BTO will be pushed back over the trend-line tomorrow, unless gold sells off because of a strong GDP number.
I am confident they will beat.
*cough* BS *cough*
Anyways, gold did it's typical normal reaction and dropped hitting roughly 1261 area, and bounced nicely from there back to 1270. (There is a lot of strength in this move, I could see this being the move to 1280)
Anyways, who knows how miners will react today. Hopefully it's not another weird down-day. But if gold can hold over 1270, we will close BTO over 3.70.
1. Gold typically sells off on Friday anyways as the bigger players take some profit going into the weekend.
2. Although it will help Trump get more votes, it was not a definitive yes for him. It was more of an excitement jump, than a true break of resistance.
Even with that being said, gold still had a good day, BTO closed above 3.70 like I had said it would this morning, however miners are currently being held down by the sell off in the S&P. For some reason, miners have loosened their bond with gold this weekend, and have tended to trade similar to other equities independent of a commodity.
I expect us to have a big bull week next week after the bears were unable to hold this below 1264 even after a great "GDP" report. The significant reports to watch this week are the following:
-ISM Manufacturing PMI, Tuesday Nov. 1 (I am predicting this will beat)
-ADP non-farm Employment change on Wednesday Nov. 2 (I am predicating this will miss)
-Fed interest rate decision on Wednesday Nov.2 (They ain't changing ****)
-ISM Non-Manufacturing PMI on Thursday Nov.3 (I am expecting this to miss)
-Nonfarm Payrolls on Friday Nov.4 (I am expecting this to miss)
-Unemployment Rate on Friday Nov.4 (I believe this will stay at 4.9%)
It is slowly forcing it's way back to the steep trend-line that I have created, and has $4 in it's sights for this week. Earnings release on November 3rd (I made a mistake above), and I strongly believe they will beat.
Someone purchased over $1M shares at 3:59PM. Enough Said..
This stock will not be held back by this sell off however, as MACD has crossed, and RSI has rocketed (didn't update here). Gold will bring this bad boy back up to where it should be.
Prediction: 4.20$ this week.
You are able to see that it was a retail sell-off because there was a significant amount of volume today, and the price didn't swing too much either way. Had this been a sell-off by the bigger players, we would have seen a much higher %, and we would not have seen a bounce at the end of the day.
BTO is still continuing it's trend, and the $4.20 price target is still in tact.