With shiny rocks breaking out (hopefully for real this time), the gold miner IAG looks poised for some serious upside. I've bought shares over the last few days and have built a sizable long. The stock trades kind of funky and has had a tough time breaking free from this tight consolidation recently. Today appears to be confirmation if it can hold.
Gold and Silver have been holding strong, but weakness suggests another move down before support.
As for metal miners, could there be a better set-up possible? Most all of them are sitting near historical lows looking to bottom out on the weekly RSI.
I posted in July, 2022 that gold would move sideways until 2024, and then, blast-off. Think we're close....
with gold price higher today due to declining treasury yield ( as market anticipate less hawkish Interest Rate policy), there are several opportunities with gold miners. I personally prefer AUY but due to recent mergers and corporate structure changes I don't want to take chances. IAG is less profitable but adjusted gold prices the valuation would be different and...
Bullish Momentum:
IMG established a double top and then retraced around 0.38 levels on Fibs. And bounced back beautifully. And maintaining its upward channel.
2.40-2.45 IHS Gartley PCZ 4hr Cypher PCZ higher low inside the wedge. just a potential amazing area for opportunity to see multiple patterns take shape here. it might not ever get there but its a work of ART IMO.
Bullish Bat STRONG POTENTIAL REVERSAL Zone
Price need to follow GREEN TREND LINE and hit Target 1 & 2 , else if Price BREAKS RED TREND LINE is EXIT
POTENTIAL BUY
IAG weekly coming out of demand zone possible pivot point here . Recaptured 21 EMA for now, went long commons. Trailing -%10 , set it and forget it .
Bullish MACD cross and QQE buy signals for technical indicator confluence.
Weekly Support Line
Entry 2.54
Stop 2.3
Target 4
Risk management is much more important than a good entry point.
The max Risk of each plan should be less than 1% of an account.
I am not a PRO trader. I trade option to test my trading plan with small cost.
Iamgold Corporation is a Canadian company that owns and operates gold mines in Burkina Faso, Suriname and Canada.
Headquartered in Toronto, the company was founded in 1990 and went public on the Toronto Stock Exchange in 1996
with additional shares being listed on the New York Stock Exchange beginning in 2005
IAMGOLD is a mid-tier gold mining company operating...
SUMMARY:
IAMGOLD is a mid-tier gold mining company operating in three regions globally: North America, South America and West Africa. Within these regions the Company is developing high potential mining districts that encompass operating mines, construction, development, and exploration projects.
SWING TRADE:
Entry 'long' @ US$ 3.30
Price action has completed...
$IAG Target 4.29 for 22.22%
Or next add level is at 2.73
$IAG price moved above its 50-day Moving Average. Bullish reversal is more likely... but anything can happen. Gold is quite oversold.
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On the far right of the chart is my Average (Grey) Current Target (Green), and Next Level to add (Red) Percentage to target is from my average.
I start every...
Canadian based gold miner.....
Larger trend corrective bear ended July 2015
Intermediate (1) finish Sept 2017 while its wave (2) ended early March of 2020.
Minor 1 looks to have peaked August 2020 although minor 1 could be a fake out B wave as price hit 78.6 retracement of intermediate (1)
Great risk/reward
SL: 1
Entry: 3, 2.40
...
Blasting has begun at IAG's new gold mine in Canada. One of the biggest in the world. 20 year operation with exploratory drilling coming this summer.
Great cash flow on hand.
With the impending correction to BTC, gold will see a decent increase and in turn get IAG to a supported $4.00 price point.
current $3.50 calls ITM are a steal atm.
Happy trading!
