The Gold commodity has had a amazing few weeks for many different reasons but the move in Barrick Gold is beginning to reach the FOMO stage, huge volume has spiked the stock price 40% in less than a month, such parabolic moves should be handled with great care. The rush to safety in GOLD could end, with the upcoming TRUMP XI meeting at the G20 summit, a positive...
Showing similar patterns to bottom.
ECB, FED and many other central banks are going to cut rates and to increase MB.
Gold is going to go up and so does this stock.
With a Zacks Rank of 2 (Buy), will this be the trade of the week? Zacks has GOLD listed in their earnings filter as an expected surprise. I have backed out of the last few calls out of caution due to the market conditions; even the earnings winners have often gone down in the last week. This could be different since precious metals have actually been on the rise....
Barrick is looking extremely overbought and in a FOMO stage. Weekly charts still show there some upside left. However, historical RSI levels are way too high. Also, if price action turns at these levels and shows signs of resistance, price will cool off. There wont be any real break out until it pops out of this downward channel that appears to be forming....
USDJPY Yen and Inverse Gold (indicating dollar value - Barrick Gold has longer data to 1986) as Store of Funds for Stock Purchases vs. DJI; with comparisons to USDEUR and the DXY dollar index . Phases of positive correlation and also phases of inverse correlation.
I know this idea is definitely in the minority, however i remain long term bullish.
As you can see on this yearly chart, gold has broken out of its downtrend, (Red Channel). Now in a slight uptrend (Blue Channel) with minor runs possibly lasting 3-4 months. A break of the blue uptrend channel is a definite sell signal.
This idea comes from way out in left field...
Gold price is widely followed in financial markets around the world. Gold was the basis of economic capitalism for hundreds of years until the repeal of the Gold standard, which led to the expansion of a fiat currency system in which paper money doesn't have an implied backing with any physical form of monetization. AU is the code for Gold on the Periodic table of elements, and the price above is Gold quoted in US Dollars, which is the common yardstick for measuring the value of Gold across the world.
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GOLD
