Keeping an eye on ABX.TO tomorrow, we have a daily bullflag setup and currently consolidating on the 2hr chart in a Cup & Handle pattern. Bulls are looking to confirm the bull flag and want to do so one more than 1.4 million shares on the first hourly candle tomorrow - I want to see volume behind the breakout to confirm its real
I'll be watching ABX.TO tomorrow for a potential swing entry. My entry stop will be below the last hourly support and if I do take this trade, I will monitor any SPY consolidation to ensure my position is not in danger.
Key resistance 17.40
Thx @curiousbuild : you said about $XGD.TO. I did some research $XGD.TO and $ABX.TO. Now I'm very bullish on ABX and gold miners as well. At least touching magic point !!
Look for strong resistance at the $25.40 area, with retesting the bottom of the channel.
This has broken out of the bearish trend from August of 2016, with RSI trending up (clear bull divergence here).
The Dollar/Commodity relationship has resulted in a long downtrend for some commodities since 2014. What's interesting though is that Gold seems to have been trading in the same range since June 2013. If this consolidation breaks up, we could be facing some interesting times.
Although I wouldn't be betting on commodities with a DXY continuation still possible,...
